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1099-R and Covid - why isnt there a box to check indicating the 401k withdrawal was due to Covid and hence the 10% penalty doesnt apply? How to address in tax form?

 
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3 Replies
MinhT1
Expert Alumni

1099-R and Covid - why isnt there a box to check indicating the 401k withdrawal was due to Covid and hence the 10% penalty doesnt apply? How to address in tax form?

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS. No date has been given by the IRS for the finalization of this document.

 

TurboTax will update this section after the IRS releases the final version of form 8915-E and its instructions. Please revisit this section at a later date.

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1099-R and Covid - why isnt there a box to check indicating the 401k withdrawal was due to Covid and hence the 10% penalty doesnt apply? How to address in tax form?

When can we expect this to be released?

 

Suggest filing an extension? report the 1099-R then an amended return? or just wait?

JotikaT2
Employee Tax Expert

1099-R and Covid - why isnt there a box to check indicating the 401k withdrawal was due to Covid and hence the 10% penalty doesnt apply? How to address in tax form?

It sounds like your tax return falls under some tax relief provisions issued by the IRS under the Cares act.

 

Cares Act tax relief related to Retirement Plans

 

As IRS has not yet released Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments, you can use the link below for more information on the release date for this form. 

 

Once it is released, you will be able to proceed to update your program and file your returns.

 

1099-R release updates

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