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b-lepicier
New Member

I had a retirement dispersement that qualifies under the covid 19 cares act. After I entered the 1099R it says that Turbo Tax doesn’t have this info yet to process it correctly. When will this be

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LinaJ2020
Expert Alumni

I had a retirement dispersement that qualifies under the covid 19 cares act. After I entered the 1099R it says that Turbo Tax doesn’t have this info yet to process it correctly. When will this be

The 8915-E Form is projected to be e-fileable starting 02/24/2021, unfortunately.  As of today 2/12/2021, IRS just completed its final development of the 2020 version of this form.  Please click on the following link and sign up for an email notification when it's fixed.  

 

Form 8915-E

 

The forms are available if you are going to download from the IRS website.  However, e-filing is different.  Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability.  IRS then has to approve it for e-file.  It always takes a little longer for a form to become available for e-file in a software program.  I hope this helps you understand the situation.  At this point, the IRS expects to approve the form 8915-E on TurboTax e-file as  02/24/2021.  Thank you for your patience.

 

If you are under age 59 1/2, the distribution from the retirement plans and IRAs is considered as an early withdrawal.  Generally, you will pay both regular tax plus an additional 10% penalty of your entire distribution unless you met certain criteria.  Due to the CARES Act, if your retirement distribution is related the Covid-19, you will not be liable for this additional penalty.  You will still pay the normal taxes like your wages and income.  For more information from the IRS, click here: Covid Relief.  If your distribution is not related to the Covid, you will need to pay the penalty.  

 

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fanfare
Level 15

I had a retirement dispersement that qualifies under the covid 19 cares act. After I entered the 1099R it says that Turbo Tax doesn’t have this info yet to process it correctly. When will this be

@LinaJ2020 

Where do you get the date of 2/24/2021 ?

All I see on IRS website is that 8915-E is so complicated they may not even allow you to e-File it.

It seems to be a big mess.

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