Form 8915-E

[valemoto7]

Is form 8915-E available? If so, is it already included in the turbo tax system? If not, when will it become available?

[DanaB27]

No, Form 8915-E is not available yet.

Please sign up here to get notified when Form 8915-E, that reports the Coronavirus-related relief measures for retirement plan distributions, is ready and for additional information.

Once the Form 8915-E is live please follow these steps to enter your 1099-R:

1. Login to your TurboTax Account 
2. Click on the Search box on the top and type “1099-R”
3. Click on “Jump to 1099-R” and you should see the “Your 1099-R Entries” screen
4. Click "edit" and continue until "Tell us if any of these uncommon situations apply" screen
5. Select "I took out this money because of a qualified disaster (includes COVID-19)" (TurboTax will walk you through questions once this section is ready)

Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.

You qualify if:

• You, your spouse, or your dependent are diagnosed with COVID-19
• You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off or having work hours reduced because of COVID-19
• You’re unable to work due to child care closure or hour reduction because of Covid-19
• You experience adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to SARS-CoV-2 or COVID-19.

You can choose to have the distribution taxed over 2020, 2021, and 2022 instead of only in 2020. You’ll have three years to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions. If you pay back the amount within that time, you’ll be able to claim a refund on those taxes paid when you file an amended tax return. Please see IRS Coronavirus-related relief for retirement plans and IRAs for more details.

[BigRedNole]

The IRS site states software tax companies can use alternate form for electronic filing. From the 8915-E page from the IRS, they state "Alternative Filing Method for E-filed Returns That Include Form 8915-E"

Is TurboTax going to do this?

[SamS1]

The form will be ready soon.  Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which is used for COVID-related early distributions, will be e-fileable starting 2/24.  The IRS is updating form 5329’s instructions to make it clear that COVID related exceptions cannot use 5329 and should use the new 8915-E.

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020  taxes.

[idakeir]

The form and instructions are available on the IRS site but the programming has not yet been finalized in the TurboTax software. This should be completed soon and it is expected to be available in TurboTax on or before 2/24/2021. Here's the IRS page: https://www.irs.gov/forms-pubs/about-form-8915-e

[sassy901]

What about if a member of your household has experienced adverse financial consequences due to coronavirus? Everything I have read states this also allows you to qualify to waive the 10% early withdrawal penalty. But this is not mentioned in the post. Hopefully, TurboTax includes that qualification in their software. 

[Irene2805]

Yes, TurboTax will include provisions to cover a member of your household.

The Instructions for Form 8915-E state that the relief applies if you, your spouse, or a member of your household was affected.  And it defines a member of your household. as "anyone who shares your principal residence."

[Bobbysledd]

I am guessing turbotax will also facilitate the 3 year distribution of the withdrawal once the forms have been made available?

[Irene2805]

That is correct.  TurboTax will address all the issues addressed in Form 8915-E.

@Bobbysledd

[gdamtbnms]

you dont have to pay back the funds you withdrew! you have 3 years to pay back the TAXES on the funds you withdrew

[MC0817]

@gdamtbnms @You also have three years to pay back the amount you borrowed. You don’t have to pay it back, but you can avoid taxes on the withdrawn amount by repaying it to the source.

[Manzee26]

I have been with turbo tax for 10 years and just filed with free tax usa because they have the proper 8915-e form to efile. Also with turbo tax I have always paid anywhere from $40 to $80 with free tax usa i paid not a dime! Sorry turbo tax you just lost a customer.  Good luck everyone 

[BJ-PS]

IRS has released Form 8915-E.

I do not see that turbotax has been updated to accommodate this form.

Or it is not clear how one uses this form in the application.

Another disappointment with turbotax.

[CatinaT1]

You will report this on a Form 8915-E.  On February 11th, the IRS finalized the Form 8915-E for retirement plan distributions under the CARES act.  The form will be available on TurboTax for efile approximately February 24th. 

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

In the mean time, you can make sure you are eligible for the provision here - Coronavirus Relief

[Stoney09]

I seen freetaxusa has it available already I want to use them, but I'm fearful it will delay my return for identity purposes because of the switch after so many years!