Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Ask An Expert
- :
- Re: 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?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Mrs S
Level 1
03-11-2021
12:24 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
1 Comment 1
qbteachmt
Level 15
03-11-2021
03:24 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"is going to cause more tax with no withholding for future years."
Huh? A client with no withholding should be making Estimated Payments, then.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
