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anita1
Level 3
February 11, 2021
Solved

Early withdrawal of retirement $ due to covid19

  • February 11, 2021
  • 3 replies
  • 23 views

I have a client who took out $80,000 from retirement money early(under591/2) because of Covid19. There is no penalty on this withdrawal. He plans to pay it back on the third year. How do I code it in Proseries. The IRS also states he could be tax on it over 3 years. How is that done in the system?

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Best answer by dkh

Form 8915-E  which isn't available yet (or last I knew it wasn't).   

 

hope this helps

3 replies

dkh
dkhAnswer
Level 15
February 11, 2021

Form 8915-E  which isn't available yet (or last I knew it wasn't).   

 

hope this helps

anita1Author
Level 3
February 11, 2021

Thank you

 

    qbteachmt
    qbteachmt
    Level 15
    February 11, 2021

    He needs to be prepared to pay the tax, and then pay you to file amended for these years, once it is paid off in the final year.

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