When will the online version of TurboTax be updated to reflect section 2202 of the CARES Act? (no 10% penalty for early IRA distribution)

[MinhT1]

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS. No date has been given by the IRS for the finalization of this document.

TurboTax will update this section after the IRS releases the final version of form 8915-E and its instructions. Please revisit this section at a later date.

[cgjensen]

Hi Minh,

Looks like he IRS has released the final version of form 8915-E, can you let me know when TurboTax will be updated to reflect that form?  Thanks!

[SamS1]

The 8915E is available in the online product.  It is not available yet for the desktop product.  The 8915-E will be used for penalty relief from early retirement plan distributions and include the option to spread the distribution income over 3 years.  This may be a good option if the distribution is pushing you into a higher marginal tax bracket.  You may end up paying less tax if you spread the distribution over the 3 years.

Make sure an check the Covid distribution box in the Uncommon Situations screen to continue with the 8915E screens.