Covid IRA distribution

[Marie]

Client took more than $100,000.  Using a third for each year and 8615E, but 10% penalty is not showing up this year.  When does client pay that? 

[Lee B]

Quote

Have you limited the covid distribution to $100,000 ?

 

[Pacun]

Your client will have to pay 10% penalty on the amount above $100K, unless he is 59.5 years old, 55 and separated from service, 50 if he was a public safety employee.... etc.

 

[Marie]

ok, thanks