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glenflav
New Member

How do I enter my early retirement withdrawal so the taxes are spread over 3 years in regards to the CARES Act?

The cares act allows you to amortize the income tax from the withdrawal over 3 years.  Turbotax is not giving me that option.  Do I divide the distribution amount reported on the 1099r by 3?  If not, how do I do this in turbotax?
2 Replies
macuser_22
Level 15

How do I enter my early retirement withdrawal so the taxes are spread over 3 years in regards to the CARES Act?

That will be done on the new 8915-E form.

 

See below for a link to sign up for an email when the form is ready.

This form is necessary to report COVID related distributions from IRA's and other retirement plans to report the distribution, pay it back over 3 years or spread the tax over 3 years.

A COVID-19 related distribution 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.

The draft paper form 8915-E 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-...

See this TurboTax FAQ to sign up for an e-mail when the form is ready.
https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
glenflav
New Member

How do I enter my early retirement withdrawal so the taxes are spread over 3 years in regards to the CARES Act?

Thanks for the info!   I guess I should just file and amend it later since there isn’t any idea when the new form will be available?

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