Will form 8915-E be available for me? I used the CARES act for an early withdrawal on my 401K. I need it to claim the tax exemptions.

[chjackso1]

I received two Coronavirus Aid, Relief, and Economic Security Act (CARES Act) withdrawals from my workplace savings plan. For both, I received a certificate of eligibility from Fidelity.

[DoninGA]

The IRS has not finalized the Form 8915-E.  It is still in draft mode and the IRS has not indicated when the form will be made available to include with the 2020 federal tax return.

Estimates are the form may be available sometime in February.

[Slobo1]

Will TurboTax be updated to allow claiming the exemption from early withdrawal penalty tax? I entered a 1099R for early withdrawal wit ha 1 in box 7 Distribution Code and there was no option to claim CARES Act exception.

[CatinaT1]

You will report this on a Form 8915-E.  The IRS has not yet finalized the Form 8915-E for retirement plan distributions under the CARES act.  So this form cannot be included in the TurboTax program.  You will not be able to proceed until the form is available.

The IRS has not communicated when the form will be finalized for inclusion on the 2020 federal tax return.

We estimate it will be sometime in February 2021 before the form is available.  You can watch this link for the form availability.  Currently, the form is not listed here since there is no estimated date.  Once there is, you will find the form listed with the date available.  

IRS forms availability table for TurboTax individual (personal) tax products

Additionally, the IRS will not start processing returns until February 12, so waiting for this form is not slowing down the processing of your return.

[thomaspospisil98]

is this a form that the irs will mail to me or is this something i need to fill out and send to the irs?

[JohnW152]

No, the IRS won’t mail Form 8915 to you.  You’ll need to file it with your return, once it become available.  You can sign up here to receive a notification email when it becomes available.

Taxpayers will use Form 8915-E if they were adversely affected by a qualified 2020 disaster and received a distribution that qualifies for favorable tax treatment.

[tylmax]

I was emailed saying that the form will be ready 2/24. It is not coming up on my return. Will it be ready and will it be e-fileable in Turbo Tax? This is a little frustrating waiting and not getting a clear answer.  

[DoninGA]

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@tylmax wrote:

I was emailed saying that the form will be ready 2/24. It is not coming up on my return. Will it be ready and will it be e-fileable in Turbo Tax? This is a little frustrating waiting and not getting a clear answer.  

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It is available on the Online Editions.  It has not yet been available for the desktop editions.

[tylmax]

Thank you! Does anyone know if it will be available on the retail edition as an update?

[sonyanottonyanottonya]

It's there now.  Go back into the 1099 for the withdrawal and it will ask you additional questions to qualify you.