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covid qualified early withdrawal from a 401k

JJD753
Level 3

Any reason not to use form 5329 to report a qualified covid early distribution form a 401k? taxpayer does not wantt to spread it over three years nor pay back any of the distribution. They do not want to wait for form 8915-E to be ready.

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IRonMaN
Level 15

Because there is some fine print that the 8915E must accompany the 5329 with the return for the exception to be valid.


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7 Replies 7
IRonMaN
Level 15

Because there is some fine print that the 8915E must accompany the 5329 with the return for the exception to be valid.


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Camp1040
Level 8

That fine print will get you every time, seems like I ran into something like that also.

Acme counter: 623,759

IRonMaN
Level 15

Thanks for the count update.  I needed to get the backup counter in sync since I knew it was off.  It was showing 623,758.1487514847362177237199999.  I think the thryroid plate needs to be replaced but I was hoping to make it last until 2/25.


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JJD753
Level 3

Thanks for the guys, but DARN!

JJD753
Level 3

Thay was "thanks for the answer guys"

IRonMaN
Level 15

"Thanks for the guys, but DARN!"

Lots of folks feel the same way.😀


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qbteachmt
Level 15

"They do not want to wait for form 8915-E to be ready"

This is what you are waiting for:

"Line 9. If you don’t check the box on line 9, you must spread the amount on line 8 over 3 years. By checking the box, you elect to include the entire amount in income in the year of distribution."

So, I guess they don't get what they want.

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