Form 8915-E for Coronavirus Distributions has been released and now available in TurboTax.
First, make sure your copy of TurboTax has been updated to include all the current forms.
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 of the form 8915-E.
Be sure to answer Yes this was withdrawn do to COVID-19 and All of the distribution was a COVID-19 distribution.
Then just follow the prompts until you reach 'Does xxxxx want to pay all the tax this year.
This should resolve the issue.
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)
Note: If you qualify the 10% penalty will be removed and TurboTax will provided options for repayment.
