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how to enter the Coronavirus related retirement distribution and divide it over 3 years

white2921
Level 1

How to split the taxable distribution over 3 years

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8 Comments 8
Just-Lisa-Now-
Level 15
Level 15

Scroll down the 1099R worksheet, you can mark the Covid dist box, but the additional form we need to record this the 8915E, isnt ready or available yet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Rightso
Level 1

Any idea when form 8915-E will be available?

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Just-Lisa-Now-
Level 15
Level 15
Nope, hopefully by Feb 12th when IRS opens.

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lghtax
Level 1

Will that then remove the 10% penalty as well?

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mort k
Level 1

When will the fhe form 8915E be available to file withh 2020 tax return.

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qbteachmt
Level 15

@mort k 

Your program has a notification, as does this webpage, that the IRS isn't even accepting individual filings until Feb 12th:

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/when-can-i-e-file-indi...

And on that Info page, you find a link for Forms release dates:

https://myproconnect.intuit.com/releasedates

And on that Info page, you find the info for 8915-E.

I recommend you bookmark the links.

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Illni
Level 4

I'm sorry, but I don't see anywhere on the page a reference to COVID 19 for 1099-R on Lacerte.

Do we still have to code the 5329 to show exempt from penalty or does the COVID reference get us out of the penalty and automatically divide the distribution by 3?

 

Thank you!

Randy

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IRonMaN
Level 15

No, you still need the 8915E.  But it still won't be ready for close to two weeks.


Slava Ukraini!