@jackseiple3 wrote:
Is Turbotax any closer to updating the Covid 401k distribution rules (Cares Act)? Started my taxes this weekend and still do not see an update to explain how this should be handled. Was hoping to complete the tax filing before I forget to do it.
The TurboTax 8915-E should be available on Feb. 24 (pending IRS approval by then).
The IRS just finalized the form on Feb 11. TurboTax must now submit their 8915-E software to the IRS for testing to be sure that both TurboTax and the IRS -file computer are comparable. That process usually takes the IRS 2-3 weeks for approval to release the new for to the public.
See below for a link to sign up for an email when the form is ready.
This form is necessary to report COVID related distributions from IRA's and other retirement plans to report the distribution, pay it back over 3 years or spread the tax over 3 years.
A COVID-19 related distribution is reported on a new 8915-E form.
See this TurboTax FAQ to sign up for an e-mail when the form is ready.
https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
