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timbpt8486
New Member

I took out a 401k withdrawal as part of the cares act. I want to spread the income over 3 years, how do I do that when my 1099-R shows the total amount of withdrawal

 
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DoninGA
Level 15

I took out a 401k withdrawal as part of the cares act. I want to spread the income over 3 years, how do I do that when my 1099-R shows the total amount of withdrawal

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.

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3 Replies
DoninGA
Level 15

I took out a 401k withdrawal as part of the cares act. I want to spread the income over 3 years, how do I do that when my 1099-R shows the total amount of withdrawal

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.

View solution in original post

weed131
New Member

I took out a 401k withdrawal as part of the cares act. I want to spread the income over 3 years, how do I do that when my 1099-R shows the total amount of withdrawal

DoninGA
Level 15

I took out a 401k withdrawal as part of the cares act. I want to spread the income over 3 years, how do I do that when my 1099-R shows the total amount of withdrawal


@weed131 wrote:

The form is available now. When are you updating?

 

https://www.irs.gov/pub/irs-pdf/f8915e.pdf

 

https://www.irs.gov/pub/irs-pdf/i8915e.pdf


Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments is scheduled to be available in TurboTax on 02/25/2021

Go to this website for IRS forms availability in TurboTax - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

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