Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
scooby_11764
Level 2

Can I use IRS form 5329 if I’m claiming all Covid 401k withdrawal this year? As opposed to 8915e.

 
2 Replies
dmertz
Level 15

Can I use IRS form 5329 if I’m claiming all Covid 401k withdrawal this year? As opposed to 8915e.

The instructions for 2020 Form 5329 say that you can report an Other reason exception on the amount of the coronavirus-related distribution.  However, the draft instructions for Form 8915-E say that you must file Form 8915-E if you received a coronavirus-related distribution.  If you report just an Other reason exception on Form 5329, it's likely to be questioned by the IRS.

dmertz
Level 15

Can I use IRS form 5329 if I’m claiming all Covid 401k withdrawal this year? As opposed to 8915e.

I've revised by previous reply to suggest that filing just Form 5329 to claim an exception might be questioned by the IRS.

Dynamic AdsDynamic Ads
Privacy Settings
v