Cares Act excludes 10% penalty on early withdrawals

[wlb-76063]

How do I exclude the 10% penalty on early withdrawals from a 401K per the Cares Act?  The 2020 Coronavirus check box on the ProSeries Professional 1099-R worksheet doesn't work.  A note pops up saying they have not updated their system.

[IRonMaN]

Go to form 5329 and use the "other" exception.  However, to do it properly you also need to file form 8915E which won't be ready for a couple of more weeks.

[wlb-76063]

Thanks for the info.  I guess we wait.

[qbteachmt]

https://proconnect.intuit.com/community/retirement-tax-credits-and-deductions/help/generating-form-8...

[FarmerCPA]

Thanks, IronMan!  Using this work around to get returns pumped out at the moment. 

[mickey]

So, do we wait to file the client's returns until the 8915E form comes out?  Or mail it in separately?

I see there's a signature box at the bottom of form 8915E.

[qbteachmt]

The 8915-E was final and out with last week's update, and it is e-filed now.

[mickey]

It's not showing up in Proseries Professional even with updates performed today.

[qbteachmt]

Yes, it's in the update last week.

https://proconnect.intuit.com/community/get-started/install-or-update-products/08?product=ProSeries%...

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/pro-series-update-not-w...

https://proconnect.intuit.com/community/update-products/help/how-to-refresh-proseries-updates/00/514...