Form 8915-E will not show up in your transcript, unless that is a new option. Check your transcript to see if your Form 1040 for 2020 was processed. If it was processed and you have not received any error notices then all is well. There has been some returns processed using the form.
o qualify for Form 8915-E and to be exempt from the early withdrawal penalty due to COVID-19, a few rules have to be met.
1. You have to be a qualified individual. To qualify, one of these must be true:
- You, your spouse, or your dependent were diagnosed with COVID-19
- You experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off, or having work hours reduced due to COVID-19
- You experienced adverse financial consequences as a result of being unable to work due to lack of child care due to COVID-19, or
- You experienced adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to COVID-19
2. The withdrawal had to come from an eligible retirement plan, which could be any of the following:
- A qualified pension, profit-sharing, or stock bonus plan (including a 401(k))
- A qualified annuity plan
- A tax-sheltered annuity contract
- A governmental section 457 deferred compensation plan
- A traditional, SEP, SIMPLE, or Roth IRA
3. The distribution had to have been made in 2020 before December 31, 2020.
There is also a $100,000 distribution limit to the exemption. Any distributions over that amount, may be subject to the additional tax.
Use this link for additional information: What is Form 8915-E
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
