Why is turbo tax not factoring this in and still charging me the 10% early withdrawal penalty?

[shafer0219]

24th, 25th, now the 26th.  LOL

[macuser_22]

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@shafer0219 wrote:

The form 8915-E you stated shows different:

Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Taxpayer)

You sure your quoting the right form or does the COVID relief go under Disaster Retirement Plan Distributions?

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Correct - the 8915-E form reports a qualified disaster in 2020 - namely COVID-19.

Per the 8915-E instructions:

Qualified 2020 Disaster DistributionCoronavirus and Other Qualified 2020 Disasters

Qualified 2020 disasters fall into two categories: coronavirus and qualified 2020 disasters other than coronavirus. These disasters are the only disasters for which a qualified 2020 disaster distribution can be reported on Form 8915-E. See Qualified 2020 Disaster Distribution Requirements, later.

[shafer0219]

Would be nice if we could get this form up so we could complete our taxes.  

[macuser_22]

It was made available today in the online version and tomorrow for the desktop.

[shafer0219]

I'm doing mine online from a desktop and its not there.

[macuser_22]

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@shafer0219 wrote:

I'm doing mine online from a desktop and its not there.

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What code is in box 7 on your 1099-R?

You should get this screen:

[DoninGA]

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@shafer0219 wrote:

I'm doing mine online from a desktop and its not there.

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If you installed the 2020 TurboTax software on your personal computer then the update for Form 8915-E is not available until tomorrow.

If you did NOT install the 2020 software on your computer then you are using the 2020 TurboTax online web-based editions and the Form 8915-E is available in the section for the Form 1099-R.

[shafer0219]

I see it now.  I had to go through each distribution again and select all the questions for each one.  So now I don't pay the early withdrawal penalty witch is wonderful.  I had 20% taxes taken out when I mad the withdrawals.  When I click the box that say pay all taxes not it shows I owe $7500.  When I don't select that it shows a refund of $7400.  I'm confused.  Normally my taxes are simple to do.

[Wondering6312]

The form is there but it's still not calculating correctly. 

It's still charging the penalty on your contributions withdrawn.  So if you drew $110K with $100K for a Cares Loan and $10K from your original contributions (yes the Roth has been open over 5 years) it's calculating the 10% penalty.

Not only that, but if your modified AGI is under 100k it's not letting you deduct the loss on the rental property. 

I'm assuming this is because somehow the program thinks your over the income limits.