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Early withdrawal of retirement $ due to covid19

anita1
Level 3

I have a client who took out $80,000 from retirement money early(under591/2) because of Covid19. There is no penalty on this withdrawal. He plans to pay it back on the third year. How do I code it in Proseries. The IRS also states he could be tax on it over 3 years. How is that done in the system?

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dkh
Level 12

Form 8915-E  which isn't available yet (or last I knew it wasn't).   

 

hope this helps

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3 Replies 3
dkh
Level 12

Form 8915-E  which isn't available yet (or last I knew it wasn't).   

 

hope this helps

View solution in original post

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anita1
Level 3

Thank you

 

qbteachmt
Level 15

He needs to be prepared to pay the tax, and then pay you to file amended for these years, once it is paid off in the final year.

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