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drea0566
New Member

I took 100k from a401k under the Cares act. I want to claim the $ in ‘21 & ‘22 since I’ll have no income then. My 1099R is for this yr. How do I divvy this on TurboTax?

I have to claim the payout, but will owe major income tax if I don’t distribute over the next 2 years. I will not work for the next 2 years either.
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2 Replies

I took 100k from a401k under the Cares act. I want to claim the $ in ‘21 & ‘22 since I’ll have no income then. My 1099R is for this yr. How do I divvy this on TurboTax?

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS. No date has been given by the IRS for the finalization of this document.

 

TurboTax will update this section after the IRS releases the final version of form 8915-E and its instructions. Please revisit this section at a later date.

SamS1
Expert Alumni

I took 100k from a401k under the Cares act. I want to claim the $ in ‘21 & ‘22 since I’ll have no income then. My 1099R is for this yr. How do I divvy this on TurboTax?

Its not quite ready yet.  The form 8915-E will deal with the Cares Act retirement distribution exclusions and has not been released by the IRS.  We do not anticipate this form being completed and released until mid-February.  After you enter your retirement plan distribution in the 1099R screen then continue, you will see a screen for "Uncommon Situations".  The first box relates to natural disasters, including Covis-19.  Once that box is active, you will be able to enter your 2020 pandemic retirement distribution information.

 

Here is some additional information on how the pandemic has affected your taxes

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