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How to submit on program
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Hurry up and wait for the IRS and Intuit to get the form finished up.
Slava Ukraini!
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You fill out form 5329 with exception code 12 which includes • Coronavirus-related distributions. The form is ready. I think @IRonMaN is talking about the form to carry the income over three years. ( see you give good mind reading classes). 😁
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Just wait, they are supposed to have ready by Feb. 18th. Scroll down the 1099R and will see the Coranavirus Related Distribution, put a check and that should waive the 10 % penalty once it is updated and also in 8915E. No rush.
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If you don't want to carry over the income, you just fill out the 5329, and no need to wait for the 8915. I have a client who took out $10000 and just wants to pay the tax this year.
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To be honest, I hadn’t even looked at an 8915E yet. But everyone around here has been voicing their frustrations about the form not being ready and it was holding up a bazillion returns. I did look and the most recent draft form of the 5329 does show COVID under exception 12.
Slava Ukraini!
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I think I am getting blind. Where is that Exception 12 in form 5329. Appreciate it. Thanks
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https://www.irs.gov/pub/irs-dft/i5329--dft.pdf#page=5
Slava Ukraini!
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Ok I got it, if you enter the amount of the distribution on Line L, it will transfer code 12 to waive the penalty. Thank you.