When I post my 1099-R it says I'll need to revisit the area later. When is that?

[HelenC12]

The IRS instructions related to disaster distributions weren't ready in time for us to include them in this release. You won't be able to enter your COVID-19 related 1099-R just yet.  You'll need to revisit this area.

When the program is updated, to enter the 1099-R 401K withdrawal information in TurboTax:

• Type 1099-R in the search bar and select Jump to 1099-R.
• Continue with the onscreen interview until you get to the Tell us if any of these uncommon situations apply screen, scroll down to I took out the money because of a qualified disaster (includes COVID-19).

The 10% additional tax on early distributions does not apply to any coronavirus-related distribution. 

Your 1099-R distribution is taxed over 2020, 2021, and 2022. You’ll have that time to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions, and if you pay back the amount within that time, you’ll be able to claim a refund on those taxes. 

• Source: Can I waive the penalty for early retirement withdrawal if I'm impacted by COVID-19? 

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
• You had work hours reduced to COVID-19
• You’re unable to work due to child care closure or hour reduction

As things change, TurboTax is continually updated and able to handle every situation that arises to ensure your taxes are done right, so you’ll receive your maximum refund.

[mtzajrz]

When can we expect this to be updated??

[SamS1]

You must have a Covid-19 related distribution.  You will report this on a Form 8915-E.  The IRS has not yet finalized the Form 8915-E for retirement plan distributions under the CARES act.  So this form cannot be included in the TurboTax program.  You will not be able to proceed until the form is available.

The IRS has not communicated when the form will be finalized for inclusion on the 2020 federal tax return.

We estimate it will be sometime in February 2021 before the form is available. 

Click here to add your email to received notification when this form is live in TurboTax

Additionally, the IRS will not start processing returns until February 12, so waiting for this form is not slowing down the processing of your return.

[DeeWin]

My situation is I withdrew from 401k and opted to have 10% pulled out from said financial company. It does appear I did not pull out enough for taxes, but I don't mind paying what I owe right now when I complete filing. Do I still have to wait for Form 8915-E? or is it ONLY to spread the taxes (over the next few years) that I owe?

[CatinaT1]

No, if your withdrawal was not related to Covid, you do not need to file Form 8915-E.  Form 8915-E is used for retirement plan distributions under the CARES act.

[DeeWin]

I'm sorry. I did withdraw due to COVID. So I need to wait for that form regardless if I want to pay now or spread out correct?

[CatinaT1]

That is correct.

[codyfisher]

Is there any update on the timeline for this?

[DeeWin]

I've been reading two different possible release dates; today (02/24/2021) and tomorrow (02/25/2021)

[macuser_22]

The TurboTax 8915-E should be available on Feb. 25 (pending IRS approval by then). Updates are usually at night so check on the 26th.

See the forms availability list:
https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

The IRS just finalized the form on Feb 11. TurboTax must now submit their 8915-E software to the IRS for testing to be sure that both TurboTax and the IRS e-file computer are compatible. That process usually takes the IRS 2-3 weeks for approval to release the new form to the public.

See below for a link to sign up for an email when the form is ready.

This form is necessary to report COVID related distributions from IRA's and other retirement plans to report the distribution, pay it back over 3 years or spread the tax over 3 years.

A COVID-19 related distribution is reported on a new 8915-E form.

See this TurboTax FAQ to sign up for an e-mail when the form is ready.
https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...
The TurboTax 8915-E should be available on Feb. 25 (pending IRS approval by then). Updates are usually at night so check on the 26th.

See the forms availability list:
https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

The IRS just finalized the form on Feb 11. TurboTax must now submit their 8915-E software to the IRS for testing to be sure that both TurboTax and the IRS e-file computer are compatible. That process usually takes the IRS 2-3 weeks for approval to release the new form to the public.

See below for a link to sign up for an email when the form is ready.

This form is necessary to report COVID related distributions from IRA's and other retirement plans to report the distribution, pay it back over 3 years or spread the tax over 3 years.

A COVID-19 related distribution is reported on a new 8915-E form.

See this TurboTax FAQ to sign up for an e-mail when the form is ready.
https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...

[DeeWin]

IT'S READY!!!

[dmgemperline]

Feb 27, 2021.  Previous message on 2/24/2021said the forms are READY.  Just updated turbo tax.  Revisited all my 1099-R forms.  After Turbo Tax review, I am still getting the message that I need to Revisit 1099-R forms.  I did not take any withdrawal for Covid-19 relief.  Do we still need to wait for more updates?  Timeline?  Thanks.

[KathrynG3]

No, you do not need to wait for more updates. The timeline for waiting is done. Your Form 1099-R itself needs to update, and it may require deleting and re-entering if the check your entry persists.

First, try closing completely out of your program, including closing the browser window. Re-open using an incognito Chrome browser.

From inside your TurboTax program, type 1099-R in the search box and select the Jump to link in the search results.

Select Edit next to your 1099-R and run through all the subsequent questions. If you do not have any further questions, then delete the 1099-R and re-enter it.

To do this in TurboTax, follow these steps:

To delete Form 1099-R:

• From the left menu, select Tax Tools.
• Select Tools.
• Scroll to Delete a Form.
• Scroll to Form 1099-R and select Delete and Delete Selected Form and Continue.

To re-add it,

• Select +Add Another 1099-R and proceed through the entry screens.
  • The questions following the initial posting should include: 
    • Where is your distribution from?
    • Do any of these situations apply to you?

For more details, see: When to Use Tax Form 1099-R: Distributions From Pensions, Annuities, Retirement, etc.

@dmgemperline

[dmgemperline]

Thank you.  That worked.  I had to delete, reimport them, and answer the questions again.  Ready to file.