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patronic1
New Member

How do we get past the fee for withdrawing from a 401k due to covid-19? There is no process in turbotax to forego this penalty like is supposed to.

 
3 Replies
tiffanym130
Returning Member

How do we get past the fee for withdrawing from a 401k due to covid-19? There is no process in turbotax to forego this penalty like is supposed to.

pretty sure we can't until they update their software

DoninGA
Level 15

How do we get past the fee for withdrawing from a 401k due to covid-19? There is no process in turbotax to forego this penalty like is supposed to.

The IRS has a new Form 8915-E for COVID-19 related retirement account withdrawals.  This form has not been finalized by the IRS for filing with a 2020 federal tax return.  The IRS has not announced when this form will be available.  Once available it will be included in the TurboTax software.

We estimate the form may be available sometime in February.

tiffanym130
Returning Member

How do we get past the fee for withdrawing from a 401k due to covid-19? There is no process in turbotax to forego this penalty like is supposed to.

Thank you. This is helpful.

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