SamS1
Expert Alumni

Retirement tax questions

Not at this time.  All resources are being used to get the recent American Rescue Plan Act changes made and implemented into TurboTax.  Its been a crazy tax year with so many changes coming from all directions  This will have to be a manual adjustment for now.  I did note the 8915E retirement plan deferral was implemented into the Iowa return. In previous versions the total Covid distribution was coming across as income on the Iowa return instead of just 1/3.

 

The American Rescue Plan was signed into law on March 11. This will include a third stimulus package. If you had issues receiving your earlier stimulus, then the best way to ensure that you are one of the first to receive future stimulus payments is to file your 2020 tax return as early as possible and use direct deposit so that the IRS will have your updated information. 
 
You can find the most up to date information from the IRS here, and read more from TurboTax here.