Indiana return how to enter code 147 for other deduction for COVID distribution?

Forum|Forum|4 years ago
April 14, 2022
2 replies
9 views

I have a new to me return. Prior year (2020), they elected the 3 year allocation of an IRA distribution(Coronavirus rules). The full amount was taxed on Indiana using code 120 add back on Schedule 1. I am trying to enter as a Code 147 deduction on Schedule 2 this year. I am not finding where to enter this other than on the form as an override. But the return get rejected as it doesn't want the code as an override.

HELP

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dkh

Level 15

Please read Indiana Information Bulletin #119 - specifically page 6. Indiana followed IRS on the 3yr spread for IRA distributions. In my opinion, the 2020 Indiana return needs amended and there should not be an ~~addback~~ deduction on 2021.

https://www.in.gov/dor/files/ib119.pdf

edited to correct as noted above

qbteachmt

Level 15

To clarify: "they elected the 3 year allocation"

That is the Default. The full reporting in the initial year is the Election. This has always existed for disasters. It isn't new for covid.

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