Is Intuit going to have the capability within TurboTax this year to annotate 401k and Ira disbursements using Cares Act penalty waivers?

The software has to be approved by the IRS.  You can expect the software to comply with and use all of the 2020 tax laws when you prepare your 2020 tax return.  Although the beta version of the desktop software was recently released there are still many updates to come.

Although not present in the initial release, you can expect 2020 TurboTax to implement Form 8915-E for reporting Coronavirus-Related Distributions.

Turbotax will ask the exact questions and fill out the exact forms as required by the IRS, no more and no less.  It may not be ready to go now because the IRS has not finalized the forms, and then the IRS has to verify that Turbotax is working correctly before the IRS approves the software update.  But eventually, Turbotax will cover any situation included in this year's forms and instructions from the IRS.