cares act

Forum|Forum|4 years ago
March 11, 2022
1 reply
10 views

How do I report money I took out from using the Cares Act. I took money from my 401K in 2020 this will be the 2nd year I will reporting the tax penalties. I don't have a 1099-R to report the income nor does Turbo Tax have a question to prompt it.

KrisD15

Level 15

TurboTax had to wait until Form 8915-F and instructions were ready.

TurboTax should be able to handle that on

3/24/2022

It will be reported under

Income

Retirement Plans

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Family-7Author

Level 2

When reporting income I received from my 401k that I’m paying penalties On over 3 years . Do I put 60,000 which is what I took out or just the 1/3 that I will be paying taxes on. What does the entries look like. Help please I can’t figure it out

DavidD66

Level 15

Can you clarify please? Did you file your 2020 tax return using TurboTax? Did you file Form 8915-E to elect to report the income and pay the tax on your 401(k) withdrawal over three years?

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