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ayalastaxes
Level 3
February 20, 2021
Question

In order for a retirement distribution to wave the early distribution penalty, does it has to have a specific code related to coronavirus in box 7?

  • February 20, 2021
  • 4 replies
  • 28 views
I have a client that is trying to see if he qualifies to wave the early distribution penalty, but has a distribution code 1 in box 7.
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4 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
February 20, 2021

Covid distributions get reported on Form 8915-E which wont be available until next week.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    ayalastaxesAuthor
    Level 3
    February 20, 2021

    Hi Lisa, Thanks for the response. So no other/extra code is needed, just enter it in the area correspondent to that 8915-E.

    itonewbie
    itonewbie
    Level 15
    February 20, 2021

    @ayalastaxes  You may refer to this article for detailed instructions:

    https://proconnect.intuit.com/community/form-1099-r/help/how-to-enter-coronavirus-related-retirement-plan-distributions/00/124382

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