We withdrew from our 401k as part of the CARES program. However, while filing there seems to be no mention of this program with turbotax home and business 2020. Turbo tax is not deducting the 10% early withdrawl penalty nor asking us to differ the income over three years. 8915-E is supposed to take care of this but I cant seem to find it and turbo tax is not prompting anything to this effect. Please help.
It does indeed mention it. Go through the edit process and you will find it. However, the government has not finalized the details involved so this will delay your completion until they do.
A COVID-19 related distribution is reported on a new 8915-E form that is not yet available and there is no estimated release date since the form is still in the draft state at the IRS. There is no telling how long it will take the IRS to make the electronic form available.
The draft paper form 8915-E is here:
https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf
https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf
Also to see if you qualify for a COVID-19 related distribution see:
https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers
@csorrows wrote:
It does indeed mention it. Go through the edit process and you will find it. However, the government has not finalized the details involved so this will delay your completion until they do.
Not the Home & Business version that the poster is using.