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1099R Codes for Covid Distributions

Good morning, 

I'm sure this has been covered but I can't seem to find it. 

My client liquidated an 18k IRA due to Covid and loss of job. I'm not sure which form/code to use to indicate this. Also, we are in Michigan.

Thank you, Community. 🙂 

Dawn 

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Just-Lisa-Now-
Level 15
Level 15
Michigan may or may not conform to this, you'll have to do some research.....the instructions Ernie gave are for federal only.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Ernie
Level 9

Dawn:

 

On the 1099-R form you can designate under the Qualified Disaster section for 2020 Coronvirus distribution and the next 2 lines.  You then have to go to form 8915-E and designate if it is to be paid all in one year or over 3 years.

Dusty Ernie

Thank you, Ernie,

I have looked at 8915-E, but wasn't sure it was the right one. Thank you for clarifying.

Would the distribution codes be 2 - early withdrawal , exception applies?

Cheers,

Dawn

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khorshed
Level 3

Does ProSeries Basic has Form 8915E already or not yet?

 

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qbteachmt
Level 15

The 8915-E has been available for over a month in ProSeries.

https://proconnect.intuit.com/community/retirement-tax-credits-and-deductions/help/generating-form-8...

 

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Just-Lisa-Now-
Level 15
Level 15
You need to check the covid disaster boxes on the 1099R worksheet for the 8915E to populate

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
khorshed
Level 3

Thank you so much

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Just-Lisa-Now-
Level 15
Level 15
Michigan may or may not conform to this, you'll have to do some research.....the instructions Ernie gave are for federal only.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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