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Retirement tax questions
Yes, form 8915-E has been finalized and released. Just makes sure to update your program by following these steps:
- If you are using the TurboTax CD/Download software program, open TurboTax and select Check for Updates from the Online menu near the top.
- If you are using the online version, it's an automatic update when you sign in and out.
Since you have already submitted your tax return, you will have to wait until the IRS accepts or rejects your return. You cannot return to the program to make any changes before that.
If your return got rejected for whatever reasons, you can return to the program to include the 1099-R along with other changes. You do not need an amendment 1040-X.
If your return has been accepted, you will have to amend your return by filing a form 1040X. You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.
Beginning with the 2019 tax year, you can e-file amended tax returns. If you used TurboTax to prepare Form 1040-X, follow the software's instructions to e-file the amendment.
To see how to amend your taxes, click here:
If you are under age 59 1/2, the distribution from the retirement plans and IRAs is considered as an early withdrawal. Generally, you will pay both regular tax plus an additional 10% penalty of your entire distribution unless you met certain criteria. Due to the CARES Act, if your retirement distribution is related the Covid-19, you will not be liable for this additional penalty. You will still pay the normal taxes like your wages and income. For more information from the IRS, click here: Covid Relief. If your distribution is not related to the Covid, you will need to pay the penalty.
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