1927671
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

wchengkanhi
Returning Member

Where do I enter the early 401-k withdrawal exception

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.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
HelenC12
Expert Alumni

Where do I enter the early 401-k withdrawal exception

At this time, the Form 8915-E (Qualified 2020 Disaster Retirement
Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)) is not finalized.

  • The 8915-E Form is projected to be e-fileable starting 02/24/2021

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:

  • 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. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
wchengkanhi
Returning Member

Where do I enter the early 401-k withdrawal exception

Thank you so much for your quick reply. I will look out for TurboTax update in couple weeks. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question