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J
Jtax LLC
Level 3
January 26, 2022
Question

Corona-related distribution and 10% penalty

  • January 26, 2022
  • 3 replies
  • 26 views

Does anyone know if the Corona-related retirement distribution that the client spread over 3 years is subject to the 10% early withdrawal penalty on their 2021 return?

This topic has been closed for replies.

3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
January 26, 2022
No early penalty. Once the 8915F that's needed for reporting this portion is ready, you'll see that no penalty gets calculated, same as 2020.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    J
    jeffmcpa2010
    Level 10
    January 26, 2022

    And we have been led to believe that the 8915F will appear sometime in mid to late March.

      qbteachmt
      qbteachmt
      Level 15
      January 26, 2022

      There is no penalty, because the withdrawal was in the prior tax year. All they did is opt to delay reporting income for tax purposes. They could have paid all the tax in 2020, or the remainder in 2021, and not carry any more of it forward. It's a delay, not a penalty.

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