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1099-R distribution

BJOLLEY
Level 2

How do you input a 1099-R distribution to spread the income over the 3 years?

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Just-Lisa-Now-
Level 15
Level 15

You need the 8915E that hasnt been released yet.    Im not sure when its scheduled for lacerte, it doesnt give a date. https://lfs.intuit.com/

ProSeries is scheduled for 2/18 so that should give you a rough idea


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Just-Lisa-Now-
Level 15
Level 15

You need the 8915E that hasnt been released yet.    Im not sure when its scheduled for lacerte, it doesnt give a date. https://lfs.intuit.com/

ProSeries is scheduled for 2/18 so that should give you a rough idea


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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BJOLLEY
Level 2

Thank you, Lisa

tagstrategy
Level 1

Any idea along this same line how to show the repayment of a client's RMD due to the provisions of the CARES Act?  1099R shows total distributed, not the amount repaid.  Where do I enter that on Lacerte's screen 13?

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qbteachmt
Level 15

"1099R shows total distributed, not the amount repaid."

Because the 1099-R is for money Out, and that is how much went Out; it's not their responsibility to Net it. What the taxpayer did with it is a different issue. There should be a 5498 to confirm they "put it back" which is a Rollover. It's just a Rollover. The Rollover treatment has been changed to allow for up to three years, as long as you are designating this is a qualified covid distribution.

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