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Yes, individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.
You qualify if:
You can choose to have the distribution taxed over 2020, 2021, and 2022 instead of only in 2020. You’ll have three years to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions. If you pay back the amount within that time, you’ll be able to claim a refund on those taxes paid when you file an amended tax return. Please see IRS Coronavirus-related relief for retirement plans and IRAs for more details.
The 8915-E Form is projected to be e-fileable starting 02/24/2020. Please sign up here to get notified when Form 8915-E is ready.
Once the Form 8915-E is live please follow these steps to enter your 1099-R:
I've been awaiting for this form but it appears that it is not ready yet. Do you have any updates?
@Sshirley21 wrote:
I've been awaiting for this form but it appears that it is not ready yet. Do you have any updates?
Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments is scheduled to be available in TurboTax on 02/25/2021
Go to this website for IRS forms availability in TurboTax - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html
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