Early withdrawal of retirement $ due to covid19

[anita1]

I have a client who took out $80,000 from retirement money early(under591/2) because of Covid19. There is no penalty on this withdrawal. He plans to pay it back on the third year. How do I code it in Proseries. The IRS also states he could be tax on it over 3 years. How is that done in the system?

[dkh · Accepted solution]

Form 8915-E  which isn't available yet (or last I knew it wasn't).   

hope this helps

[anita1]

Thank you

[qbteachmt]

He needs to be prepared to pay the tax, and then pay you to file amended for these years, once it is paid off in the final year.