Form 8915-E is updated in TurboTax now. You can apply the relief provisions of Form 8915-E, by entering your retirement income on Form 1099-R. After you enter the 1099-R, you will be asked if this was a covid related distribution. Once you answer YES, TurboTax will ask you some follow-up questions, and then fill out and attached Form 8915-E to your tax return.
You qualify if:
- You, your spouse, or your dependent are diagnosed with COVID-19
- You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off
- You had work hours reduced to COVID-19
- You’re unable to work due to child care closure or hour reduction
The early withdrawal penalty will be waived. The distribution would be taxed over 2020, 2021, and 2022. You’ll have that time to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions, and if you pay back the amount within that time, you’ll be able to claim a refund on those taxes. @MasterAmbriz_2021
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