CARES ACT Coronavirus Related IRA distributions

[sptaxes]

For clients who took CARES ACT IRA distributions in 2020, will ProSeries auto calculate the 1/3 of the IRA distribution that is taxable in 2021? I do not see that number or carryover being populated/calculated from 2020 to 2021. 

[rcooley25]

I could be wrong but I think we are  going to have to enter that information our selves.

[sptaxes]

Do you know how to properly enter this into ProSeries? Re-enter last years (2020) 1099-R and check the 2020 Coronavirus-related distribution box? 

[sjrcpa]

Wait until the 8915 F is in the software. No one knows yet.

[RollTide68]

Form 8915-F was just finalized by the IRS but proseries is showing a ready date of 3/31/22 for EF.

We will just have to wait it out.

[rcooley25]

Looks that way to me also.

[sandytax]

Hi Folks!  This is driving me nuts!  Has anyone actually called ProSeries to find out if we have to enter the 2nd payout amount?  I would think we would put it on the other income line maybe?  with an explanation? The problem is that everyone might have a different opinion as to where to put it and that could be a mess for the IRS.

My head is spinning because I truly thought the information would have come over automatically from 2020 and land in a form specially designed to accommodate this amount.  I guess I am a dreamer.

Kind of a nightmare and holding everything up until two weeks before "the end"!!!

sandytax

[RollTide68]

Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirement

Final on 03/24/2022, EF on 03/24/2022