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mcd1231
Level 4
April 26, 2021
Question

Corona virus distribution

  • April 26, 2021
  • 2 replies
  • 13 views

If a client opts to spread her 50K Corona Virus distribution over 3 years ($16,667 in 2020, 2021 and 2022), will she have to pay penalty and interest on the amount they didn't claim on their 2020 Federal return?

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2 replies

IRonMaN
IRonMaN
Level 15
April 26, 2021

Wouldn't that kinda defeat the purpose of spreading it over 3 years?

Slava Ukraini!
    M
    mcd1231Author
    Level 4
    April 26, 2021

    yes 

    I always like to check with an expert when I have a tax form that is new to me.  Silly me, lol.

      qbteachmt
      qbteachmt
      Level 15
      April 26, 2021

      Read the Form 8915-E instructions. After all, you'll be using it for Three Tax Years, so you should get to know it.

      Don't yell at us; we're volunteers
      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      April 26, 2021

      Could be some estimated tax penalty in 2021 and 2022 is they end up owing some money on those returns due to this additional income that has no withholding on it.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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