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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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?