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- How can you pay tax on more than a third of the "covid related" early distributions without losing the waived penalty?
How can you pay tax on more than a third of the "covid related" early distributions without losing the waived penalty?
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Mrs S
Level 1
03-11-2021
12:24 PM
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To mark the early distribution as covid related on the 1099R worksheet and then split the amount taxable over 3 year period is going to cause more tax with no withholding for future years. Client wants to pay more this year and would like to split in 2 years, not 3. It brings back the penalty if I try and pay tax on half the amount.
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qbteachmt
Level 15
03-11-2021
03:24 PM
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"is going to cause more tax with no withholding for future years."
Huh? A client with no withholding should be making Estimated Payments, then.
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