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Level 2
February 5, 2022
Question

spreading the corona related ira distribution over 3 years

  • February 5, 2022
  • 2 replies
  • 10 views

I had a client who elected to spread the IRA over 3 years on the 2020 tax return.  Proseries doesn't know to report the the 1/3 in 2021?

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2 replies

Level 3
February 5, 2022

Following.  Same question.  You would think it would roll the taxable income due right into 2021 but it doesnt seem to be.

 

IRonMaN
Level 15
February 5, 2022

Form 8915F- but it ain't ready yet. And when it is ready, you will need to manually enter info from the 2020 return to make it work.

Slava Ukraini!
gosencpa1Author
Level 2
February 6, 2022

Thank you.  Do you think the program will know and prompt you to enter the information?

 

IRonMaN
Level 15
February 6, 2022

Since you have to enter it manually, I doubt it.

Slava Ukraini!