CARES ACT Coronavirus Related IRA distributions

Forum|Forum|4 years ago
February 9, 2022
3 replies
7 views

For clients who took CARES ACT IRA distributions in 2020, will ProSeries auto calculate the 1/3 of the IRA distribution that is taxable in 2021? I do not see that number or carryover being populated/calculated from 2020 to 2021.

Individual

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R

rcooley25

Level 7

I could be wrong but I think we are going to have to enter that information our selves.

S

sptaxesAuthor

Level 3

Do you know how to properly enter this into ProSeries? Re-enter last years (2020) 1099-R and check the 2020 Coronavirus-related distribution box?

sjrcpa

Level 15

Wait until the 8915 F is in the software. No one knows yet.

The more I know the more I don’t know.

RollTide68

Level 7

Form 8915-F was just finalized by the IRS but proseries is showing a ready date of 3/31/22 for EF.

We will just have to wait it out.

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rcooley25

Level 7

Looks that way to me also.

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sandytax

Level 2

Hi Folks! This is driving me nuts! Has anyone actually called ProSeries to find out if we have to enter the 2nd payout amount? I would think we would put it on the other income line maybe? with an explanation? The problem is that everyone might have a different opinion as to where to put it and that could be a mess for the IRS.

My head is spinning because I truly thought the information would have come over automatically from 2020 and land in a form specially designed to accommodate this amount. I guess I am a dreamer.

Kind of a nightmare and holding everything up until two weeks before "the end"!!!

sandytax

RollTide68

Level 7

Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirement

Final on 03/24/2022, EF on 03/24/2022

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