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L
Lathanna
Level 3
February 8, 2021
Question

the waive 10% penalty for 401Kwithdrawals

  • February 8, 2021
  • 4 replies
  • 17 views

Thank you, Ironman,

Does the waive of the penalty applies to withdrawals made in 2020?

Form8915A only mentions repayments

This topic has been closed for replies.

4 replies

L
LathannaAuthor
Level 3
February 8, 2021

 Hi my client is getting charged the 10% withdrawal penalty and the full taxes.

Is this a glitch in the program?

IRonMaN
IRonMaN
Level 15
February 8, 2021

I believe you are looking for form 8915E.  Unfortunately it isn't finalized yet.

Slava Ukraini!
    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    February 8, 2021
    8915E is for spreading the taxability out over 3 years. Whether the 8915E will waive penalty as well, or we need the 5329 involved for this, Im not sure, since we dont have an 8915E available yet to see how it works.
    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      IRonMaN
      IRonMaN
      Level 15
      February 8, 2021

      8915E will allow you to spread the tax and is necessary to claim the "other" option on form 5329.

      Slava Ukraini!
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