1927671
I had an early distribution of 401k for $3,500 in 2020 when I am only 59 years old. I was being furloughed on my job during Cov-19. Can anyone tell me where do I enter the exception on TurboBox to have the penalty waived? I read the exception guideline and I am qualified for the penalty exception but TurboTax does not seem to allow me to do it? Thank you.
You'll need to sign in or create an account to connect with an expert.
At this time, the Form 8915-E (Qualified 2020 Disaster Retirement
Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)) is not finalized.
Please sign-up here and we will email you once the form is live.
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:
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.
Thank you so much for your quick reply. I will look out for TurboTax update in couple weeks.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tcondon21
Returning Member
kejjp00
Returning Member
susan-stigant
New Member
Jean2025
New Member
Svoigt63
Level 2