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1099R finalized

Level 2

When will form 1099R for tax year 2020 be finalized? It's for the disaster relief COVID 19 401K withdrawal

 

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Level 15
Level 15

The 8915E that we need for this type of distribution is scheduled to be ready on 2/18, fingers crossed they hit somewhere near the target date!


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 15
Level 15

The 8915E that we need for this type of distribution is scheduled to be ready on 2/18, fingers crossed they hit somewhere near the target date!


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 7

If you want to waive the penalty go to Form 5329 Part I, enter the amount of the distribution on Line L, that reads Other: and you will see that the software  will place code 12 on Line 2 waiving the 10 % penalty. I am expecting that that is what it is going to happen when they update the program in mid february, if you look at Form 1099R they already have the checkbox for Coranavirus Related Distribution, if you check it now, an alert will pop up saying it needs updates, but I expect that once is updated when you check it, the amount of the distribution will flow to Others, and code 12 will be placed on Line 2 of form 5329. I hope it helps. Thank you.