CARES Act for distributions from retirement plans

[pg47]

How do you enter waiver of 10% penalty from 1099R with code 1 for a coronavirus-related distribution

in ProSeries? Also how do you report distribution ratable over 3 years?

[Just-Lisa-Now- · Accepted solution]

If you scroll down to the disaster section of the 1099R worksheet, you'll find that the required forms for the 3 year spread isnt available yet, were waiting on the 8915E

[pg47]

Thanks. What about the waiver of the 10% penalty?

[qbteachmt]

You need form 5329 for the exception as Other, as well as 8915-E for the deferral (or not) over 3 years.

[pg47]

Thank you so much. I thought on 5329 that was the right entry location.

[mn11]

ANy ideas on when these forms will be ready? 

[qbteachmt]

@mn11 

"ANy ideas on when these forms will be ready?"

Yes. You asked this is multiple places. See your question, here:

https://proconnect.intuit.com/community/coronavirus/discussion/re-401-k-10-penalty/01/124111#M964