covid 19 401 k early withdrawl 1099 R reporting

[La-visitor]

I received a 1099 R  with a total withdrawl amount of $60,000 and Taxes withheld was $12,000 and it was due to the Covid 19 reasons per IRS .  How do I split the income amount to $20,000 each year and report the amount over the next 3 years in Turbo tax in the 1099 R section.

Do I fill out a 1099 R with one third withdrawl amounts and one third Taxes withheld? Turbo tax says to revisit the section for a different release when you check the Covid 19 early withdrawl option.

[SamS1]

The form you need is not quite ready.  Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which is used for COVID-related early distributions, will be e-fileable starting 2/24.  The IRS is updating form 5329’s instructions to make it clear that COVID related exceptions cannot use 5329 and should use the new 8915-E.  You will not need to change the 1099R input.  TurboTax will take care of splitting the distribution.

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020  taxes.

[revizcaino]

Hello Sam, I was also waiting for Form 8915-E to be ready for e-filing so i can submit my income taxes but yesterday I read somewhere in the IRS website that the new form is indeed ready but we can only submit it as a PDF? Does this mean the form will not be available for e-filing with through turbotax? I use the free version... I want to submit my 2020 taxes before we get the third stimulus check (if we get one) so IRS can use my 2020 instead of my 2019...

[JamesG1]

When you claim a qualified COVID-19 disaster during the interview for your 1099-R, TurboTax states: 

• You will need to revisit this area.  The IRS instructions related to disaster distributions were not ready in time for us to include them in this release.  Please revisit this area later. 

This TurboTax Help allows you to sign up for notifications for when the IRS form 8915-E is operational.

Forms availability can be found here.

[francisowo1354]

Where do I report the tax withheld in my form 1099R if I am filing form 8915E?

[CatinaT1]

The amount withheld is included on your Form 1099-R and entered when you are entering the form initially, so it is reported on your 1099-R.