Early withdrawal from a 401K in 2020; any reason why there would be a code "1" in 2020

Forum|Forum|5 years ago
February 20, 2021
10 replies
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ProSeries Basic

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Just-Lisa-Now-

Intuit Community Champion

Early withdrawal.

Not all withdrawals will qualify for penalty exclusion or 3 year spread, the client needs to be adversely affected by Covid in order to get any breaks.

Any withdrawal taken before Covid and they were not 59½ years old will be subject to penalty.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

dd4vols

Intuit Community Champion

even the ones I have seen that DO qualify for the exclusion all have code 1, You just have to fill form 8915E on the ones that qualify, which should make the 5329 disappear. Oh, by the way, that Form 8915E is not available yet.

Generating Form 8915-E in ProSeries - Intuit Accountants Community

hopefully next week..

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DLT123

Level 2

Hello,

I need help to fill out form 8915E

qbteachmt

Level 15

Since the reason for withdrawal is a "self-certified" process, not all distributions are already identified as Qualified. It's being left up to the tax payer to confirm it is a qualified distribution.

Don't yell at us; we're volunteers

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DLT123

Level 2

can someone help me how to fill form 8915E?

D

DLT123

Level 2

I still did not understand

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