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IRA Covid withdrawal

alanm22
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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Ephesians3-14
Level 7

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.

View solution in original post

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12 Replies 12
Just-Lisa-Now-
Level 15
Level 15

They were already issued a 1099R for 2020?


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

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?  

alanm22
Level 1

Yes. That was a stupid question! Thanks

 

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dkh
Level 11

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

Ephesians3-14
Level 7

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.

View solution in original post

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andrewmalolos
Level 1

Its January 2021 already, when would Intuit (Turbo Tax) address the this? Taxact has it but Turbo tax is more user friendly for me.

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qbteachmt
Level 15

@andrewmalolos 

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, ProConnect and Lacerte, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Thanks.

 

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"Level Up" is a gaming function, not a real life function.
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Kim0707
Level 1

Hello,

This says solved, but I do not see any solution.

I also have a client who received a 1099-R code 1 for an IRA distribution due to a COVID-19 layoff.

I do not see where/how to apply the Cares Act rules in Lacerte.

Does anyone have a solution?

~kj

 

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Just-Lisa-Now-
Level 15
Level 15
We need the Form 8915E for this, and its just not available yet.

ProSeries shows it wont be ready until 2/18, not sure about Lacerte.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Kim0707
Level 1

Thank you Lisa!

HFINANCIAL
Level 2

Thanks so much!

danielbg
Level 2

Thank you for that response.

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