jshtax Posted January 7, 2014 Report Posted January 7, 2014 How do you get ATX to pick up the 10% penalty? Do you have to use code 1 instead of L if you know person should be subject to penalty or is there a way to do it and keep the L code? L-is default on loan that is now taxable. Quote
Guest Taxed Posted January 7, 2014 Report Posted January 7, 2014 I don't use ATX anymore so I can't say for sure how it is entered in ATX. It may be similar to how Drake works. In Drake on the 1099-R screen you would enter code L and on the left bottom check the box to carry it to form 5329. It will then show the 10% penalty tax. PS: I am not trying to hijack this thread by talking about Drake. I am just suggesting an answer. Quote
Gileam Posted January 7, 2014 Report Posted January 7, 2014 Go to the 1099R and Go to Box 7 and choose 1 and L. It will put 1L in the column and route the 10% amount to the 5329 1 Quote
jshtax Posted January 7, 2014 Author Report Posted January 7, 2014 Go to the 1099R and Go to Box 7 and choose 1 and L. It will put 1L in the column and route the 10% amount to the 5329 thanks! Quote
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