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How do I amend the return with form 8915 to give the client the correct credit

ATSLLC
Level 1

The return has been filed before the form 8915 was available to show the taxes were taken out and does not have to be spread over 3 years but the original return has given her te10% early distribution penalty and it should not have. How are we moving forward with this.        

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4 Replies 4
Just-Lisa-Now-
Level 15
Level 15

Youd have to prepare an amended return and mark the Covid boxes on the 1099R worksheet so that the 8915E form populates....if you dont want to spread the income over 3 yeas, you need to mark the box on the 8915E under Line 5.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dkh
Level 11

@Just-Lisa-Now-  what's your opinion  -   I have similar situation unsure if I need to send Amended return. 

Client had 1099R distribution -qualifies for covid relief- did not want the 3year spread.  I sent return with F5329, line 2 exception 12.  This was before F8915 was available  and before I realized there was a check box to elect out of the 3yr spread.  (Yeah, I know - how did I not know...sigh)  

 

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Just-Lisa-Now-
Level 15
Level 15
the 5329 with exception 12 should work just the same. I wouldn't amend for this. Might get an IRS letter asking about the exception somewhere down the line.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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dkh
Level 11

Thanks - I thought the same  but was second guessing myself.   Need to talk to client anyhow about unemployment so I'll make mention of a potential "love letter"