I took a withdrawal from 401 k using the covid provisions to pay off a loan i had on my 401k to essentially get rid of the loan payment. anything special i should report?

[gloriah5200]

I am unable to see the name of the form that is not yet available, but am guessing, by the description that it is the Federal Form 8915-A used to pay the tax on that 401K Covid distribution over 3 years.

Yes, it seems that the Form 8915-A (Qualified 2016 Disaster Retirement Plan Distributions & Repayments) is not available to be printed until 3/18/21 and is unsupported for e-filing.

This information is available to you to check at the following link and you will have to select your version of the software:

Federal Forms Expected Availability for TurboTax

[Live2ride92]

I was able to finally file taxes. It worked, everything was submitted correctly. Next day federal is approved, but state was rejected. Said it was waiting for an update that would be available today (March 11th) tried again. No luck. Anyone have the same issue with state? 

[macuser_22]

If MI, NY or HI then those are being worked on.

[Live2ride92]

Nope. AL for me.

[A4tclark]

I followed the steps outlined above and it worked. Be sure to leave the box unchecked that asks if you wish to pay all of any owed tax now.

[Live2ride92]

I did as well and it worked for federal but it says it’s waiting for turbo tax to update the state. Are you having issues with state?

[Lisawhome]

Why am I paying more taxes if I had taxes taken out of the withdrawal? 

[macuser_22]

---

@Lisawhome  wrote:

Why am I paying more taxes if I had taxes taken out of the withdrawal? 

---

Tax withheld was the estimate of the tax.  The actual tax depends on all your other income and the tax bracket you end up in.   If not enough withheld, you will owe more, if too much withheld you will get  refund

[septimusdl]

I am WV and getting the same message

[Live2ride92]

Is it giving you an estimated date? Mine previously had said the 11th. Still nothing.

[brant1974]

I am using WI and getting the same message.  Also MN (which I have some earned income as a nonresident) is trying to make me pay state income taxes on 401K covid distribution.  Even though I am a WI resident

No luck yet!

[JotikaT2]

If your federal return included retirement distributions on a 1099-R, you may need to wait a few more days to file your tax return as the program is being updated to address this issue.  

The CARES Act had some provisions for relief on the federal returns but each state has different rules that need to be accounted for.

Retirement distributions under CARES Act

Please see the information in the link below for an update.

Form 8915-E state returns update

@brant1974

[RayMWu]

On the actual form (I use form and not the interview) there is a checkbox on the form itself that states "Check this box to elect NOT to spread the taxable amount over three years:

[taiiat]

I keep seeing information about paying back over the next 3 years. I made a withdrawal with no plans to put back into the account. Do I still qualify not to have to pay the 10% additional tax penalty? I also prepaid 20% in taxes when the money was withdrawn so that number shows up in box 4 on my 1099r

[nick125]

It does not matter if you choose to repay or not. As long as you met the covid provisions, you do not have to pay the 10% penalty.