401k early withdrawal
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New Member

401k early withdrawal

I heard that the Cares Act included a provision whereby early 401k withdrawals will not attract the 10% penalty if withdrawn within certain period during the pandemic. Turbo tax does not allow for this waiver. Perhaps I misunderstood the Cares Act provision. Thanks for a response 

4 Replies
Employee Tax Expert

401k early withdrawal

The form is not finalized by the IRS at this time.

 

For more information, see this link:  Form 8915-E for 401k Early Withdrawal

New Member

401k early withdrawal

I will wait for such forms to be finalized then. Is this a good approach? Thanks 

Employee Tax Expert

401k early withdrawal

Yes, it's the best approach.  As you can see form this link the IRS form is still in draft, Form 8915-E however the instructions are not and can be viewed at this link: Form 8915-E Instructions.

New Member

401k early withdrawal

Thanks for the advise. I am grateful 

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