topic 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now least favorite form ever, 8915-E in Retirement tax questions

401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now least favorite form ever, 8915-E

WisCovid — Sat, 13 Mar 2021 07:04:47 GMT

Hello,

This question has been asked to death so far however it sounds like the 8915-E has been finalized and the relevant Turbo Tax software has been updated thusly. I'm still stuck in a "Check This Entry" logic flow limbo..

"Form 1 Penalties on IRA We're still working on updates related to penalties on IRA's, retirement plans..." ect.

Below the error message the 8915-E is shown and Line 22 on it is editable with the correct amount already prefilled- (i.e. line B x .33) the software however still doesn't think it's acceptable. I cannot submit and have been running in circles. I have gone back through and re-entered my 1099-R several times at this point. Am I still waiting for a software update on this? Any help is appreciated IMMENSELY.

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now least favorite form ever, 8915-E

WisCovid — Sat, 13 Mar 2021 07:26:30 GMT

To add to this, and I apologize if this is an error on my part.. I am completely baffled by my "Gross Distribution" being listed at $5000 . When withdrawn, the pre-tax figure was $5500 and I elected to withhold $500 as indicated in box 4. Is the term Gross Distribution something I'm completely misinterpreting? Every "Gross" figure I've ever seen was pre-tax and that seems not to be the case at all here.

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

WendyN2 — Tue, 16 Mar 2021 22:00:36 GMT

On the Retirement Statements, "gross" actually just means "total/all/no adds or subtracts" - much like the SS documents that in box 5 have what you actually received, but the detail to the left begins with the amount that you are due to receive, but before other items of deduction.

The amount in box 1 "should be" the total pre-tax figure. I am not sure where you are seeing (or saw) the "pre-tax figure" of $5500 if it is not on your tax form.

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now least favorite form ever, 8915-E

mditty4193 — Wed, 17 Mar 2021 18:35:52 GMT

Same error message for me when completing my son's taxes! This is frustrating! I am essentially getting an error message on an amount equal to .33 of 10% of the distribution ($30,000 distribution times 10% times .33). Penalty amount indicated is $990, which is not correct. There should be no penalty for early withdrawl under the CARES act due to financial hardship throughout 2020.

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

MaryM428 — Thu, 18 Mar 2021 01:05:47 GMT

8915-e is ready. Please use the Chrome browser and clear all browsing data.

Then sign into TuirboTax

You may have to delete and reenter your 1099-R if you do not get this question when you review it

I took out this money because of a qualified disaster (includes COVID-19) - Select this question

Answer the other questions until you get to this screen

To be sure the form is created, go to Tax Tools, tools, Delete a form and your will see 8915 and 8915-E-T on the list.

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

mditty4193 — Thu, 18 Mar 2021 11:15:38 GMT

I am not using the web version of TurboTax. I am using the desktop download. Finally spoke with a customer service rep at TurboTax, and there is apparently a file logged for an issue with the Wisconsin State form. They are working on it, and I SHOULD get an e-mail when it is resolved.

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

WisCovid — Thu, 18 Mar 2021 15:24:55 GMT

This is what I was hoping for! If you wouldn’t mind replying here once the email has been received I’d greatly appreciate it!

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

WisCovid — Thu, 18 Mar 2021 15:27:06 GMT

Thank you for the info 😊

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

mditty4193 — Thu, 18 Mar 2021 15:28:45 GMT

Absolutely! Would love to help!

IRS also indicated yesterday that the dealine for filing has been extended to May 17, 2021.

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

mditty4193 — Sat, 20 Mar 2021 14:52:03 GMT

For anyone having issues with Wisconsin state taxes, the issue is fixed!!!! Was able to complete my son’s taxes last night!!!!

Re: 401K Early Withdrawal/Covid Relief and the maddeningly dizzy spin around Line 22 of my now le...

WisCovid — Sat, 20 Mar 2021 15:04:30 GMT

Thanks yet again! Have a great weekend 😁