You'll need to sign in or create an account to connect with an expert.
No, that question isn't a reference to the Stimulus checks that were mailed to individuals between 2019 and 2022.
It's referring to distributions that taxpayers took from a retirement plan due to qualified disasters (the president declares federally qualified disasters). For qualified disasters, the Secure Act 2.0 lets you spread the taxable amount over 3 years and waives the early withdrawal penalty. For distributions due to COVID 19 or financial issues due to the pandemic, the Cares Act lets you spread the taxable distribution over 3 years and waives the early distribution penalty as well.
For more information, refer to the TurboTax articles 2020 Stimulus: Tax Relief for This Year's Taxes, How do I use Form 8915 to report my 2020 COVID-related retirement distributions? and What is Form 8915-F Qualified Disaster Retirement Plan Distributions and Repayments?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
RPMBoss888
New Member
HL14
New Member
alexge
Level 1
taxpayer1040a
New Member
melaine999
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.