I took an early disbursement from my 401k to pay living costs (I was furloughed due to COVID), I would like to spread those taxes out by three years, how do I do that?

[carley-kthomas]

Under the CARES act this is allowed but when doing my taxes via TurboTax they don't provide any information but instead say they haven't been given guidance on this issue yet.

[DoninGA]

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.

[carley-kthomas]

Thank you so much for this information! I will sit tight until then. 😁