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Bohemianbeatnik1
New Member

Covid 19 401k withdrawal

So I had a 1099r for an early distribution. My question is two fold. Firstly if I wish to claim the distribution ratably do I just divide the total amount by 3 and ONLY claim that amount for this year regardless of the total distribution listed on my 1099r? Secondly, TurboTax is not currently offering an option to waive the 10% penalty which was covered in the CARES act, when will that be resolved?

2 Replies
macuser_22
Level 15

Covid 19 401k withdrawal


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-...


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
MinhT1
Expert Alumni

Covid 19 401k withdrawal

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS. No date has been given by the IRS for the finalization of this document.

 

TurboTax will update this section after the IRS releases the final version of form 8915-E and its instructions. Please revisit this section at a later date.

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