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Level 3
March 15, 2021
Question

Revenue Procedure 2020-50

  • March 15, 2021
  • 5 replies
  • 46 views

Does anyone know whether the Revenue Procedure 2020-50 was incorporated into the ProSeries Basic or is this something we have to

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5 replies

Level 2
March 15, 2021

good question 

Just-Lisa-Now-
Intuit Community Champion
March 15, 2021

For corona virus retirement distributions? 

When you mark that the 1099R worksheet that it was a Covid disaster distribution, then the 8915E gets generated

Is that what youre asking?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
tcerny51Author
Level 3
March 16, 2021

No, for depreciation

Just-Lisa-Now-
Intuit Community Champion
March 16, 2021

Please provide more details to your question, nobody wants to go digging for information to help you.

2020-50 was about Covid retirement distributions.

https://home.kpmg/us/en/home/insights/2020/06/tnf-notice-2020-50-retirement-plan-distributions-and-loans-cares-act-relief-covid-19.html

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
qbteachmt
Level 15
March 16, 2021

Notice vs Rev Proc vs, well, all the other pronouncements.

Here: https://www.journalofaccountancy.com/news/2020/nov/irs-guidance-bonus-depreciation-rules.html

It's from Nov 2020.

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