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Pension distribution

Jerry C
Level 3

Client rec'd 1099R for a Large Pension - Annuity distribution. Under the age of 59 1/2

Can this distribution be spread over a 3 year period or any amount of time for that matter

There was never any contribution towards this by the client

 

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qbteachmt
Level 15

Did you read the Form 8915-E instructions?

https://www.irs.gov/pub/irs-prior/i8915e--2020.pdf

There are Limits, date ranges, etc. Including:

"Eligible retirement plan. An eligible retirement plan can be any of the following.•A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan).•A qualified annuity plan.•A tax-sheltered annuity contract.•A governmental section 457 deferred compensation plan.•A traditional, SEP, SIMPLE, or Roth IRA."

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sjrcpa
Level 15

Does it qualify as a COVID related distribution?


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qbteachmt
Level 15

Did you read the Form 8915-E instructions?

https://www.irs.gov/pub/irs-prior/i8915e--2020.pdf

There are Limits, date ranges, etc. Including:

"Eligible retirement plan. An eligible retirement plan can be any of the following.•A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan).•A qualified annuity plan.•A tax-sheltered annuity contract.•A governmental section 457 deferred compensation plan.•A traditional, SEP, SIMPLE, or Roth IRA."

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

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Jerry C
Level 3

Thank you

 

I was looking for wrong form and couldn't find what I was looking for

 

Thank you for directing me

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Jerry C
Level 3

Do you know If there is a similar Tax relief Form for the State of New Jersey filing?

In Pro Series, The reduced amount doesn't flow to the State Return

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qbteachmt
Level 15

You are asking about State Conformity to CARES Act. You have to research it, as it is a moving target. Here:

https://www.state.nj.us/treasury/taxation/covid19.shtml

Isn't your legislature in session now?

ProSeries hasn't been updated for States, yet, either. That doesn't mean NJ will change.

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Jerry C
Level 3

Thank you

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