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IRA Covid withdrawal

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Level 1

My client had a 401K withdrawal due to Covid-19. The 1099R was coded with a 1. Since there should be no penalty on this withdrawal how do enter I this in ProSeries? Also, if the withdrawal is over the $100k is the amount over the $100k still subject to the 10% penalty?

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No can do sir/madam. The 2020 tax year is still in progress...please try again in January 2021 when the IRS Form 1099-Rs are issued.

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5 Replies 5
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Level 15
Level 15

They were already issued a 1099R for 2020?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 8

If you're entering this into ProSeries now for a 2019 tax return then how is it possible the 401k withdrawal was due to covid-19?  

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Level 1

Yes. That was a stupid question! Thanks

 

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Level 8

No - never a stupid question.  I'm sorry I made you feel that way.    Was just trying to help your thought process.  

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No can do sir/madam. The 2020 tax year is still in progress...please try again in January 2021 when the IRS Form 1099-Rs are issued.

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