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the waive 10% penalty for 401Kwithdrawals

Level 1

Thank you, Ironman,

Does the waive of the penalty applies to withdrawals made in 2020?

Form8915A only mentions repayments

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4 Replies 4
Level 1

 Hi my client is getting charged the 10% withdrawal penalty and the full taxes.

Is this a glitch in the program?

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Level 15

I believe you are looking for form 8915E.  Unfortunately it isn't finalized yet.

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
Level 15
Level 15
8915E is for spreading the taxability out over 3 years. Whether the 8915E will waive penalty as well, or we need the 5329 involved for this, Im not sure, since we dont have an 8915E available yet to see how it works.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 15

8915will allow you to spread the tax and is necessary to claim the "other" option on form 5329.

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)