401K Withdraw

[Tim72]

Does anyone know when TurboTax software will be updated with the latest federal guidelines for claiming a 401K withdraw due to Covid reasons? When I click on the box to claim this, it says check back later because the government has not provided the guidelines on how to handle this. Seems kind of late to still be waiting on this info. Thanks.

[DoninGA · Accepted solution]

The IRS has created a new form for retirement plan withdrawals (Use for Coronavirus-Related Distributions).  The form is a 8915-E and has not been finalized by the IRS.  When the IRS finalizes the form/instructions and then approves the TurboTax software form and instructions it will be available in TurboTax.

IRS Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Use for Coronavirus-Related Distributions) (Draft) - https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf

IRS Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Use for Coronavirus-Related Distributions) (Draft) instructions - https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf

[NCperson]

TT's software tends to update every Wednesday night overnight. You can't file until late January in any event. 

[russellmhill1]

Has there been an update as to when the software will allow for this?  I tried last night and still received the message that the software was unable to calculate yet.

[DoninGA]

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@russellmhill1 wrote:

Has there been an update as to when the software will allow for this?  I tried last night and still received the message that the software was unable to calculate yet.

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The Form 8915-E is scheduled to be available in TurboTax on 02/24/2021