COVID Related Retirement Distributions

[Tax Man Tan]

I have clicked the option within the 1099-R Worksheet to designate the retirement distribution a "2020 Corona virus related distribution." It gives me an error saying "we have not had the time to update the program for recent tax legislation....." Any idea on when this update will be completed. Hopefully no later than next Friday!

[Just-Lisa-Now- · Accepted solution]

8915E is scheduled to be available on 2/18.  BUT IRS doesn't even have it finalized yet, soooo Im thinking it may be even longer.

[Tax Man Tan]

Thank you for your information Lisa. I appreciate it!

[NYTAxGuy]

Where do you even click the option to treat as a covid distribution in ProSeries? I'm just not seeing it.

Thanks

[Tax Man Tan]

It is in the 1099-R worksheet. Scroll a quarter of the way down until you see the box area that says "Qualified Disaster Distribution Smart Worksheet." The 4th box down says 2020 Coronavirus related distribution.

[JJD753]

I also read that when it is approved you won't be able to e-file it but will need to attach it as a pdf. I think that was at the irs draft site but not positive and don't have time to look right now. Anyone else know about that?

[Tax Man Tan]

I think you are referring to the 8915E? I would imagine that will be a part of the return within proseries. Hopefully nothing further to attach since the program should contain the form.

[INTJ]

The 8915-E is now available on IRS.gov

Is there a reason the Qualified Disaster Distribution Smart Worksheet still shows an error when I check the "2020 Coronavirus-related Distribution" box?

Will there be functionality available in ProSeries to spread the 1099-R distrubution over the three years, or will we have to do it manually?

[Just-Lisa-Now-]

It WILL have to be attached as a PDF its not an Efilable form, IRS Schema doesnt allow for it to be processed electronically, the figures should flow to the 1040, then youd attach the actual form as a PDF. (at least this we've been told of how it will work)

[qbteachmt]

Intuit recently shows both the T and S would be e-filed for 8915-E. It should be released tomorrow.