LinaJ2020
Expert Alumni

Get your taxes done using TurboTax

No, IRS has not updated it's 2020 version yet, unfortunately.  To see IRS update, click here: https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf

 

Please click on the following link and sign up for an email notification when it's updated.

 

Form 8915-E

 

Thank You for your patience

 

If you are under age 59 1/2, the distribution from the retirement plans and IRAs is considered as an early withdrawal.  Generally, you will pay both regular tax plus an additional 10% penalty of your entire distribution unless you met certain criteria.  Due to the CARES Act, if your retirement distribution is related the Covid-19, you will not be liable for this additional penalty.  You will still pay the normal taxes like your wages and income.  For more information from the IRS, click here: Covid Relief.  If your distribution is not related to the Covid, you will need to pay the penalty.  

 

 

 

 

 

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