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If your retirement plan distribution was COVID related, you will not be assessed the 10% penalty. You will make that election on Form 8915-E, when it is ready. It is still in "Draft" mode at the IRS. Soon after the IRS releases the Form, TurboTax will incorporate it into our software. Until then, we will just have to wait on the IRS.
Any idea of when is the IRS planning to release that form? and how long would it take for Turbo Tax to have it ready? Thank you
The IRS just released the form and TurboTax is in the process of updating the program to include all of the calculations.
Please see the link below to sign up for updates on the release of the form in TurboTax. You will then be notified when the form is ready so you can continue to complete your income tax return.
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