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- Re: IRA DISTRIBUTION PENALTY
IRA DISTRIBUTION PENALTY
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Orengulasa
Level 1
02-03-2021
02:08 PM
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Hi,
In 2020, The IRS waived the 10% penalty on IRA hardship withdrawal and allow tax to be deferred for 3 years. Pro-connect still calculate the penalty and bring it over to the 1040.
I would need help to override it.
thanks!
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1 Comment 1
TaxGuyBill
Level 15
02-03-2021
06:56 PM
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It is not for a "hardship" withdrawal, it is for a qualified COVID related distribution.
Form 5329 is to waive the penalty and Form 8915-E to spread it out over 3 years. But 8915-E is probably not ready yet, so you will need to wait a couple of weeks.
