Question
Re.: Corona Virus related distribution from 401k
One of my clients received corona virus related distributions from his 401k during 2020.
The 10% additional tax on early distributions does not apply to any coronavirus-related distribution.
while preparing the tax return using ProSeries, I have checked box 2020 Coronavirus-related distrubution on Qualified Disaster Distribution Smart worksheet under Form 1099-R worksheet but the program still calculates 10% penalty.
Can someone please advise if certain other box/es are required to be checked or anything else I am missing?
Thanks in advance
