1099R Codes for Covid Distributions

[SensibleandHourly]

Good morning, 

I'm sure this has been covered but I can't seem to find it. 

My client liquidated an 18k IRA due to Covid and loss of job. I'm not sure which form/code to use to indicate this. Also, we are in Michigan.

Thank you, Community. 🙂 

Dawn 

[Ernie]

Dawn:

On the 1099-R form you can designate under the Qualified Disaster section for 2020 Coronvirus distribution and the next 2 lines.  You then have to go to form 8915-E and designate if it is to be paid all in one year or over 3 years.

Dusty Ernie

[Just-Lisa-Now- · Accepted solution]

Michigan may or may not conform to this, you'll have to do some research.....the instructions Ernie gave are for federal only.

[SensibleandHourly]

Thank you, Ernie,

I have looked at 8915-E, but wasn't sure it was the right one. Thank you for clarifying.

Would the distribution codes be 2 - early withdrawal , exception applies?

Cheers,

Dawn

[khorshed]

Does ProSeries Basic has Form 8915E already or not yet?

[qbteachmt]

The 8915-E has been available for over a month in ProSeries.

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

[Just-Lisa-Now-]

You need to check the covid disaster boxes on the 1099R worksheet for the 8915E to populate

[khorshed]

Thank you so much