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How do I defer taxes on withdrawal from retirement account

fesemagu
Level 2

I am preparing a taxpayer return who took $85,000 from his retirement account. How do I defer the tax 

payment for the next three years?

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3 Replies 3
dkh
Level 11

Form 8915-E

dd4vols
Level 9

on the 1099-R, scroll down to the QUALIFIED DISASTER DISTRIBUTION SMART WORKSHEET, and click on the 2020 coronavirus box and the one below it, entire amount. Then go to the 5329-T, scroll down to the Distributions Not Subject to Additional Tax smart worksheet, and on line 11, enter the amount.  Before leaving that page, make sure that Line 2 has code 12 in it, and the amount. Then go to the 8915-E,  and at the bottom of Part 1, make sure the 3-year question is marked the way you want. 

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Just-Lisa-Now-
Level 15
Level 15

You cant spread the withholding out over the 3 years, only the income. 

(In case when you refer to "tax payment" you really mean withholding)


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