Hi - Coronavirus-related distributions from a 401k. Do I have to manually divide the amount shown on line 1 on the 1099 and report only 1/3 on CY tax return?

Do I have to make a special election in Turbotax? Will reporting a different amount than what's shown on the 1099 trigger an audit by the IRS?

300

Expert Alumni

Jan 25, 2021 9:38:38 AM

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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Hi - Coronavirus-related distributions from a 401k. Do I have to manually divide the amount shown on line 1 on the 1099 and report only 1/3 on CY tax return?