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wlb-76063
Level 3
February 10, 2021
Question

Cares Act excludes 10% penalty on early withdrawals

  • February 10, 2021
  • 8 replies
  • 26 views

How do I exclude the 10% penalty on early withdrawals from a 401K per the Cares Act?  The 2020 Coronavirus check box on the ProSeries Professional 1099-R worksheet doesn't work.  A note pops up saying they have not updated their system.

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8 replies

IRonMaN
IRonMaN
Level 15
February 10, 2021

Go to form 5329 and use the "other" exception.  However, to do it properly you also need to file form 8915E which won't be ready for a couple of more weeks.

Slava Ukraini!
    F
    FarmerCPA
    Level 4
    February 16, 2021

    Thanks, IronMan!  Using this work around to get returns pumped out at the moment. 

      W
      wlb-76063Author
      Level 3
      February 10, 2021

      Thanks for the info.  I guess we wait.

        qbteachmt
        qbteachmt
        Level 15
        February 10, 2021

        https://proconnect.intuit.com/community/retirement-tax-credits-and-deductions/help/generating-form-8915-e-in-proseries/01/121289#M4382

         

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