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Cares Act excludes 10% penalty on early withdrawals

Level 2

How do I exclude the 10% penalty on early withdrawals from a 401K per the Cares Act?  The 2020 Coronavirus check box on the ProSeries Professional 1099-R worksheet doesn't work.  A note pops up saying they have not updated their system.

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8 Replies 8
Level 15

Go to form 5329 and use the "other" exception.  However, to do it properly you also need to file form 8915E which won't be ready for a couple of more weeks.

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Level 3

Thanks, IronMan!  Using this work around to get returns pumped out at the moment. 

Level 3

So, do we wait to file the client's returns until the 8915E form comes out?  Or mail it in separately?

I see there's a signature box at the bottom of form 8915E.

 

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Level 15

The 8915-E was final and out with last week's update, and it is e-filed now.

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Level 3

It's not showing up in Proseries Professional even with updates performed today.

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Level 2

Thanks for the info.  I guess we wait.

Level 15

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

 

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