I have received my 1099-R from a 401k withdrawal in 2020. I qualify to not have to pay the 10% penalty even though it was taken out when I received it. Where in TurboTax do you enter Covid as a qualifying factor for a 401k early withdrawal?
I am claiming the entire withdrawal in 2020 and not spreading it over 3 years. There is nothing clear in TurboTax that askes if the withdrawal qualifies for the CARES Act. You would think this would be a standard question to ask when this is the only time it has ever been removed since the start of taxes.
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The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS. No date has been given by the IRS for the finalization of this document.
TurboTax will update this section after the IRS releases the final version of form 8915-E and its instructions. Please revisit this section at a later date.
And to add one note of warning ... from what I understand, that form can not be directly e-filed. And TurboTax does not allow attaching a PDF, so you might need to file by mail (or go to a tax professional that can file your tax return, and attach the PDF to e-file it). And with the IRS being backed up with processing things by mail, it could be a while until they process your tax return.
Thanks. For the amount I will get, I can wait if mailing. Best thing to happen to my investments was Covid-19.
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