I am using the Proseries Basic product.
I have a client who took a $100,000 distribution from a retirement account because they lost their job caused by the Corona virus. The IRS has indicated that Corona virus distributions can be spread over three years (see this IRS link item Q6: https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-...)
Is there anything on the 1099R form in Proseries that will indicate that we are not taking the $100,000 all at once but it is to be spread over three years?
Is there another form I need to enter this information or do i just indicate that the gross distribution and taxable amount as $33,3333 and enter that amount for the next two tax years (2021 and 2022?
Note that the client received a 1099R with the full $100,000 listed as the gross and taxable distribution.
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We need the 8915E to be finalized by IRS so we can get it in the program!
Scroll down the 1099R worksheet to the Covid section, when you check the box for Covid it will tell you were waiting for an update
Do you know if we put the whole amount of the 1099R?
"Do you know if we put the whole amount of the 1099R?"
Is this what you are asking: Put the 1099-R info into the 1099-R worksheet.
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