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A client made a 401k Coronavirus-related distribution in 2020. I was trying to waive the 10% additional tax on the distribution, however, ProSeries indicates that form 8915-E is not yet available. Do you know when the form will be available for downloading?
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I know, because I have asked that question. Update your program and the 8915-E is e-fillable ready. You have to mark the correct box on the 1099-R and you still need to complete the 5329 form to waive the penalty.
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Thank you. ProSeries is waiving the penalty already. Schedule 2 line 6 indicates that form 5329 is not required. What part of form 5329 needs to be completed?
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Line 2 with a code 12
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well....i'm dense I guess. on the 8915E part 1 (where it says check this box if Coronavirus)...it says it is auto calculated...but mine is blank...and conversely, the 8915E doesn't print with return. the 5329 has code 12 on line 2, and the amount as not being subject to the 10% penalty, but there must be some step i'm ignoring.....??
and then, when i think i may have it figured out, it only brings 1/3 down to the taxable amount...and they want to pay all the tax now....it's only a $6,000 distributiion
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I use basic, I check the boxes on the 1099-R, then I check the box on 8915-E, to not spread out over 3 years, then I verify 5329 populates, it has worked 3 times today for me and the form has printed.
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DUH "check the box on 8915-E, to not spread out over 3 years" pretty simple solution.... Thanks so much!!