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CARES ACT: IRA withdrawals under relief provisions

mtnmom2
Level 2

How is the software accommodating these provisions that qualified IRA withdrawals under the CARES ACT can be spread out over 3 years?

I have a 1099-R w/ a 1 in the distribution code.  Is that correct?

 

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TaxGuyBill
Level 15

The 1099-R is correct.

You will need to use Form 8915-E, but I'm not sure if that is available yet in Lacerte.

You might also need to waive the 10% penalty using Form 5329 (code 12).

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TaxGuyBill
Level 15

The 1099-R is correct.

You will need to use Form 8915-E, but I'm not sure if that is available yet in Lacerte.

You might also need to waive the 10% penalty using Form 5329 (code 12).

View solution in original post

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mtnmom2
Level 2

thank you! 

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