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osuhomebase
New Member

I need to withdraw from my IRA for COVID expenses. My IRA manager doesn't do anything special for this. Will TurboTax account for this next year or do I need a CPA?

 
2 Replies
ColeenD3
Expert Alumni

I need to withdraw from my IRA for COVID expenses. My IRA manager doesn't do anything special for this. Will TurboTax account for this next year or do I need a CPA?

Yes, TurboTax will take all CARES Act tax law changes into account.

macuser_22
Level 15

I need to withdraw from my IRA for COVID expenses. My IRA manager doesn't do anything special for this. Will TurboTax account for this next year or do I need a CPA?

I suspect that by next year the IRS will issue a new form, probably like the 3 year disaster 8915-A/B  IRA relief forms,  for the 3 year COVID IRA relief payback.

**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.**

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