cares act and roth withdrawal

I tried to put in with the new update for 8915E cares act withdrawal that my Roth withdrawal was a Cares Act withdrawal so I could repay over 3 years. However Turbotax took the roth amount as an additional subtraction from taxable income even though it was not taxable to begin with. Also my retirement fidelity withdrawal under the cares act said 0.00 income for cares act even though 18500 was put in.

Can you help - still a few problems

Diane Willey

273

Level 9

Mar 3, 2021 10:18:19 AM

Youi are correct, Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which is used for COVID-related early distributions, is available for e-file and allows you to defer taxes owed over three years. This applies to an early withdrawal from a Roth. It might help to delete the form and start again. Sometimes an answer is inputted and then changed, and it can cause something to run in the background.

Here is how to delete the 8915-E:

How do I view and delete forms in TurboTax Online?

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

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cares act and roth withdrawal