401k early withdrawal

akusiapp · ‎February 14, 2021

I heard that the Cares Act included a provision whereby early 401k withdrawals will not attract the 10% penalty if withdrawn within certain period during the pandemic. Turbo tax does not allow for this waiver. Perhaps I misunderstood the Cares Act provision. Thanks for a response

PattiF · ‎February 14, 2021

The form is not finalized by the IRS at this time.

For more information, see this link: Form 8915-E for 401k Early Withdrawal

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akusiapp · ‎February 15, 2021

I will wait for such forms to be finalized then. Is this a good approach? Thanks

DianeW777 · ‎February 15, 2021

Yes, it's the best approach. As you can see form this link the IRS form is still in draft, Form 8915-E however the instructions are not and can be viewed at this link: Form 8915-E Instructions.

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akusiapp · ‎February 15, 2021

Thanks for the advise. I am grateful

401k early withdrawal

Deductions & credits

Deductions & credits

Deductions & credits

Deductions & credits