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TurboTax will update Form8915-E, that reports the Coronavirus-related relief measures for retirement plan distributions, soon and then you can finish your distribution information.
Please see here for additional information and to sign-up for updates.
Please follow these steps to enter your 1099-R:
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 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.
Does anyone have an update on this?
I had read somewhere previously it would be updated so we could finish our taxes on Feb 24th. Still no update.
I've also read that TurboTax will up the price of their products on Feb 28th.
This seems a little convenient that many of us are not able to finish our taxes and they will soon increase the price without letting us finish.
Its ready. Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which is used for COVID-related early distributions, was efileable starting 2/25. If you have TurboTax Desktop, make sure you have updated your program. If you are still having problems, delete the 1099R in forms mode then re-enter. To update, click on "On Line" in the top menu then "Check for Updates"
If you are having problems with TurboTax online, delete the 1099R and re-enter. After you have logged in and are in your return in TurboTax Online:
At the financial services screens, click "Change how I enter my form" then "Type it myself"
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