1099R Codes for Covid Distributions

Forum|Forum|5 years ago
March 11, 2021
7 replies
47 views

Good morning,

I'm sure this has been covered but I can't seem to find it.

My client liquidated an 18k IRA due to Covid and loss of job. I'm not sure which form/code to use to indicate this. Also, we are in Michigan.

Thank you, Community. 🙂

Dawn

ProSeries Basic

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

Michigan may or may not conform to this, you'll have to do some research.....the instructions Ernie gave are for federal only.

Ernie

Level 7

Dawn:

On the 1099-R form you can designate under the Qualified Disaster section for 2020 Coronvirus distribution and the next 2 lines. You then have to go to form 8915-E and designate if it is to be paid all in one year or over 3 years.

Dusty Ernie

SensibleandHourlyAuthor

Level 6

Thank you, Ernie,

I have looked at 8915-E, but wasn't sure it was the right one. Thank you for clarifying.

Would the distribution codes be 2 - early withdrawal , exception applies?

Cheers,

Dawn

Just-Lisa-Now-

Answer

Intuit Community Champion

Michigan may or may not conform to this, you'll have to do some research.....the instructions Ernie gave are for federal only.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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