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I am preparing a taxpayer return who took $85,000 from his retirement account. How do I defer the tax
payment for the next three years?
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Form 8915-E
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on the 1099-R, scroll down to the QUALIFIED DISASTER DISTRIBUTION SMART WORKSHEET, and click on the 2020 coronavirus box and the one below it, entire amount. Then go to the 5329-T, scroll down to the Distributions Not Subject to Additional Tax smart worksheet, and on line 11, enter the amount. Before leaving that page, make sure that Line 2 has code 12 in it, and the amount. Then go to the 8915-E, and at the bottom of Part 1, make sure the 3-year question is marked the way you want.
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You cant spread the withholding out over the 3 years, only the income.
(In case when you refer to "tax payment" you really mean withholding)
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