Client that took out 100k from his 401k. Early distribution and he is under 59 1/2 yo. Today, 03/18/21 I could not find the form on proseries. Do you have any suggestions on when the form will be done or any other options?
While I filled out form 1099-r towards the bottom of the form there are two options:
A If this is a qualified disaster distribution...2020 coronavirus-related distribution is an option (I clicked on that one and it does not change anything in the amount owed) and also
B Amount of qualified disaster distribution with 2 options: entire distribution qualified or amount that is qualified ...
If both A & B are clicked then the early penalty disappears.
Anybody had to deal with this?
Thanks
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If you clicked those 2 boxes on the 1099R worksheet, then it automatically spread it over 3 years and took away the penalty...have you looked at the 8915E in your list of forms in use and looked at the front page of the 1040?
If you clicked those 2 boxes on the 1099R worksheet, then it automatically spread it over 3 years and took away the penalty...have you looked at the 8915E in your list of forms in use and looked at the front page of the 1040?
Lisa, you are on fire here!!!
I did look on the front 1040 and did see the $33,333 amount but I didn't see the 8915E-T. Now that you mentioned it I did see it pop in. But when I type in "Where Do I Enter" 8915-e or 8915e nothing comes up.
Once again, thank you Lisa, you are awesome!
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