WE NEED A QUERY FOR 8915-E IN PROSERIES 2020 BECAUSE IT DOES'NT TELL US THE CLIENTS HAD IT ON TRANSFER TO 2021

[WTSAbe]

WE NEED A QUERY FOR 8915-E IN PROSERIES 2020 BECAUSE IT DOES'NT TELL US THE CLIENTS HAD IT ON TRANSFER TO 2021.  INTUIT SHOULD PUT UP A NOTICE OR TRANSFER THE 8915-E OR CREATE A PLACE HOLDER THE 8915-F ON A CLIENT TRANSFER TO 2021. SO WE KNOW THE CLIENT HAD THE FORM LAST YEAR. 

[TaxGuyBill]

There have been several requests for a query, but I don't understand it. 

Aren't you reviewing the prior year tax return anyways?  Assuming that you do, when you see there was a retirement distribution reported last year, that should trigger you to look if there was a 8915.

[jeffmcpa2010]

You don't need a query, you need to make note's in you clients files.

Also it helps If you STOP YELLING

[taxiowa]

Whenever a client has an unusual item that affects the following years I note it with a sticky note on the inside cover of their tax file.  For instance to look for DCB or which year it is their turn to claim junior or if they deferred casualty gain.  So I have yellow sticky in front of all who deferred reporting 100% of 1099R.  I suppose you could have someone go thru each 2020 client to see if they deferred 2/3 and write a sticky now to put in their file?

[maxie]

I both agree and disagree with you. Most things like this carry forward in Proseries. I expected there would be something and I'm disappointed there isn't. For the top level price I pay I expect it.  I do make notes in the file but considering what a c*** storm the world has been the last two years it wouldn't surprise me to find one or two that don't have the proper notes - because that's life. Without Proseries help it's going to require a longer look at prior returns - which I already anticipated and told clients before the season things were going to be slower.  

I have one such return on my desk right now. Notes were in the file where I plotted out the tax liability thru 2022. Now he lost dependents and it's worthless. If I just looked at the front of the 1040 the gross distribution and taxable amount aren't enough to clue me in. So yes, this takes more work and it sure would be nice if the software had a means to help out. Just my two cents. 

[IRonMaN]

I just completed my query and came up with zero clients.  The clients that pulled out the cash all had adequate withholding so we didn't go that route for anyone.  If they had the cash paid in, it didn't make any sense dragging it out for 2 extra years when they might not have the cash.  I guess I can be called stupid for not deferring those tax dollars for my clients, but life sure is a lot easier for me this tax season than it is for a number of other preparers.

[WTSAbe]

I have 500 clients.  The Coronavirus Disaster 3 year option was a one time thing.   Other software companies prompt their users when they had 8915-E last year on a client transfer and told them about the delay in the 8915-F but of course Proseries wouldn't provide that simple notification.  Just like other software companies can e-file 8396 right now but Proseries can't until 03/03/2022 which cost me a client.  

[WTSAbe]

@IRonMaN  I had clients that withdrew large amounts like 30k-50k. The word got out at one of the companies in my area and **bleep** near everybody was getting some of their money.  In many cases it saved them thousands of dollars to spread it out over 3 years. 

[holodeck]

YES!

[IRonMaN]

"The word got out at one of the companies in my area and **bleep** near everybody was getting some of their money."

So how many actually qualified as a hardship withdrawal?

[jeffmcpa2010]

IRonMaN

are you referencing this:

A3. You are a qualified individual if –

• You are diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention;
• Your spouse or dependent is diagnosed with SARS-CoV-2 or with COVID-19 by a test approved by the Centers for Disease Control and Prevention;
• You experience adverse financial consequences as a result of being quarantined, being furloughed or laid off, or having work hours reduced due to SARS-CoV-2 or COVID-19;
• You experience adverse financial consequences as a result of being unable to work due to lack of child care due to SARS-CoV-2 or COVID-19; or
• You experience adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to SARS-CoV-2 or COVID-19.

[WTSAbe]

@IRonMaN If the entire company shutdown because of a covid outbreak and half the workforce was expose and 20% tested positive, all of them. 

[IRonMaN]

Yeah, something like that.

[IRonMaN]

@WTSAbe  - the devil is always in the details.