Get your taxes done using TurboTax
@jonbo You may need to delete the 1099R and re-enter or import for TurboTax to recognize your 1099R for the 8915E questions after the update. I had to to do that and I am using desktop Home and Business. After deleting the form and re-entering in Step-By-Step, go into "Forms" mode and review the 1099R. While in your return in Desktop:
- In the upper right hand corner Select "Forms"
- Now in the left hand column of the screen, select the 1099R form you are working on
- Review your input then scroll down the screen to the Disaster Relief section.
- There you can review the Covid distribution questions and indicate amounts.
- To return to Step-By-Step, select in the upper right hand corner.
While in Forms Mode review the forms listing for red !. You will need to correct these in order to efile.
The 8915-E will be used for penalty relief from early retirement plan distributions and include the option to spread the distribution income over 3 years. This may be a good option if the distribution is pushing you into a higher marginal tax bracket. You may end up paying less tax if you spread the distribution over the 3 years
