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Retirement tax questions
First, make sure you copy of TurboTax has been updated to include all the current forms.
Form 8915-E for Coronavirus Distributions has been released and now available in TurboTax.
If you qualify the 10% penalty will be removed and you will be provided options for repayment.
You can access all the information needed by revisiting your 1099-R input information. During the interview you will have a question 'Was this a withdrawal due to COVID-19 or a Qualified Disaster Distribution'. Just follow the interview questions and TurboTax will automatically take care for form 8915-E.
The 1099 R will be entered in the Retirement Plans and Social Security section.
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Retirement Plans and Social Security
• Select IRA, 401(k), Pension Plan Withdrawals (1099-R)