Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
akusiapp
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I heard that the Cares Act included a provision whereby early 401k withdrawals will not attract the 10% penalty if withdrawn within certain period during the pandemic.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
pattif12
Expert Alumni

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

akusiapp
New Member

401k early withdrawal

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

DianeW777
Expert Alumni

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.

akusiapp
New Member

401k early withdrawal

Thanks for the advise. I am grateful 

Dynamic AdsDynamic Ads
Privacy Settings
v