8915E

Forum|Forum|4 years ago
April 2, 2022
4 replies
22 views

I have a client who withdrew money in 2020 from their IRA and on the tax return elected to have it taxed over a three year period on the 8915-E. Can the 2020 return be amended and the election revoked on the 8915-E so that he can have the full amount taxable in 2020?

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

I dont think so, but if you did that, youd have a bunch of taxes due that are late and subject to penalty and interest, right?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

W

WinCPA1Author

Level 2

Yes, he would owe quite a bit back with interest and penalties, so I don't think he will want to do it. I wouldn't have advised him to spread the distributions out because he now is losing out on stimulus money and child tax credit because of the income thresholds. I just wanted to know if it was an option or not. Thanks!!

qbteachmt

Level 15

It's the other way around: you elect to declare it as income in the year distributed; otherwise, disaster distributions are spread over three years. You can amend 2020.

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