Split Pension Withdrawal from 2020 tax year

Forum|Forum|4 years ago
January 4, 2022
1 reply
1 view

Hi online community, does anybody know if there is going to be an update about the transfer of 1/3 of the pension amount for the people who split the withdrawal in 2020. I do not have too many of those but I wonder what it is going to happen to that 1/3 when it gets transfered. Is it going to be subject to the 10% early distribution penalty? That is my concern if I do it manually. Thank you for your responses.

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

That form (8915E) was showing that it would be final near the end of February, now it just shows Not Final at the top. No 10% penalty, same as last year.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

A

athaureaux6Author

Level 7

Thanks Lisa

No 10% specifically for that 1/3 from 2020 or no 10% for any distribution at all? I think somebody said for the new 2021 distribution before retirement age the penalty is back? Just trying to know. Thank you again.

Just-Lisa-Now-

Intuit Community Champion

I haven't seen anything about penalty waiver for early distributions in 2021. I take my Fed and State tax update classes today and tomorrow, we'll see what they managed to sneak in!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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