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satch04
New Member

I took money out of my retirement account due to reduced income. I checked the box for disaster relief in an effort to reduce tax liability. When will it be updated?

It keeps telling me that I need to revisit this area.
3 Replies
ColeenD3
Employee Tax Expert

I took money out of my retirement account due to reduced income. I checked the box for disaster relief in an effort to reduce tax liability. When will it be updated?

This is the latest information. We are waiting on the IRS:

 

At this point and time the Form 8915-E (Qualified 2020 Disaster Retirement

Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)) is not finalized. We currently do not have an estimated date when the form is ready.

 

Please sign-up here and we will email you once the form is live.

 

 

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satch04
New Member

I took money out of my retirement account due to reduced income. I checked the box for disaster relief in an effort to reduce tax liability. When will it be updated?

Thank you for the response. So should I just wait to file then?

PattiF
Employee Tax Expert

I took money out of my retirement account due to reduced income. I checked the box for disaster relief in an effort to reduce tax liability. When will it be updated?

Yes, you should just wait until the Form 8915-E is complete before you file your taxes. With the changes from the CARES Act, the IRS is taking a little longer than usual to finalize the forms.

 

Please sign-up here if you have not already done so, and we will email you once the form is live.

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