I submitted form 8915E last year to report COVID related investment withdrawals ($19,000 Part II, 60,000 Part III). Both had 20% federal tax taken out at the time of withdrawal. I claimed 1/3rd of the income in 2020 and received back a hefty refund.
I'm now claiming the second 1/3 on 8915-F, but my taxes now adjust to say I owe $5000 (instead of a refund of $1700. It looks like the process is not identifying the fact that Federal taxes (20%) was already taken out, nor should I be paying the 10% pre-payment penalty.
Is this amount expected to be this different?
Angus.
