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New Member
posted Jan 27, 2021 1:53:47 PM

Hi, filing my 2020 taxes and curious as to how I go about including the info from my CARES act distribution? It is being spread across 3 years. Not sure where this goes

401K withdrawal from Coronavirus hardship at work, and I don't know how this gets added to my tax return this year. New to this idea of a withdrawal, and certainly to a withdrawal related to the CARES act. Thank you!

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1 Replies
Level 15
Jan 27, 2021 1:55:54 PM

That form is not ready yet.

 

CARES Act retirement plan COVID-19 related distributions can be paid back over 3 years or the tax spread over 3 years.

That is reported on a new 8915-E form that is not yet available and there is no estimated release date since the form is still in the draft state at the IRS. There is no telling how long it will take the IRS to make the electronic form available. Typical it takes the IRS 2-4 weeks to release the electronic form specifications after the paper version is released. e-file providers must program from the electronic specifications.

The draft paper form is here:

https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf
https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf

Also to see if you qualify for a COVID-19 related distribution see:
https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers