When will form 8915-E 2020 be available in turbo tax?

[wallstreetbets]

you enter federal and state taxes withheld within the 1099 itself. 

The 8915-e form simply allows for you to avoid the 10% early withdrawal penalty, and have the amount withdrawn factored into your AGI for overall federal tax calculation all in one year, allowing you to split the calculation over three years evenly, paying federal tax owed slowly rather than all at once. 

[lcbethea1]

As of 2/12 form 8915-e is available on the IRS website. When will this be updated in Turbo Tax online software?? 

[kzigmant]

The 8915-E Form is projected to be e-fileable starting 02/24/2021

Please sign-up here and we will email you once the form is live.

[coreemoore82]

They are saying 2/24. I was wondering if it is taking other tax softwares that long to the forms available for e-filing as well 

[ztwight]

The form is available.  Why hasn't Turbo Tax been updated?  

[DoninGA]

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@ztwight wrote:

The form is available.  Why hasn't Turbo Tax been updated?  

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The Form 8915-E will be available for e-filing using TurboTax on 02/24/2021.

[Thuente]

The form 8915-E is now available on IRS.gov.  When will Turbo Tax have it ready?

[Thuente]

IRS.gov has the form now....How long for Turbo tax to update it?

[DoninGA]

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@Thuente wrote:

The form 8915-E is now available on IRS.gov.  When will Turbo Tax have it ready?

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The Form 8915-E will be available for e-filing using TurboTax on 02/24/2021

[robbyja]

https://www.irs.gov/forms-pubs/about-form-8915-e

The link for the form and the instructions can be found on that page.  

It is now up to TurboTax to update their software for managing the 8915-e. 

I'm reasonably certain that they will do so. 

And here's what the IRS said about e-filing.

"Because Form 8915-E is new and impacted by recent legislation, it has not been enabled in XML for e-filing, and e-filed returns are to include an attached PDF of Form 8915-E. As an alternative to attaching a PDF of Form 8915-E, to increase e-filing and reduce paper filing, software providers may instead include with the e-filed return a general dependency statement that includes all the information requested on Form 8915-E if they have issues with attaching a PDF."

The IRS also gives a procedure presumably for the software developers for providing the information via e-file.  Again, I have to figure with TT being an industry leader, that they will figure out a way for handling it. 

[rleal86]

UPDATE 2/13/2021

The form has been finalized and available for download!

https://www.irs.gov/pub/irs-pdf/f8915e.pdf

It is not available for e-filing yet! So here are your following options

a) Wait until TurboTax makes it available online

b) File your taxes with TurboTax, agree to be penalized 10percent for early withdrawal of your 401k and ALSO fill and mail this 2020 FORM 8915-E and "HOPE" IRS gets them in order before they penalize you.

*My Favorite*

c) DO EVERYTHING BY HAND and avoid E-filing. You can attach this form with your taxes and avoid the 10 percent early withdrawal penalty. The form also grants you the ability to spread out your taxable withdrawal (up to $100k) by 3 years. Then you mail everything to the IRS. Stay away from HR block too or any other company that uses e-filing. Better to use an old school tax preparer that fills everything out by hand or pdfs. 

[Matt94]

Yea I will wait the 10 days until I can e-file it through TT. So much easier and will allow me early stimulus check access as well as any childcare tax credit monthly allotments that may get passed.

[zengirl1]

The form and instructions seem to have been released from the IRS, dated 2/11. Hopefully, they will be added to TurboTax soon.

[stl66]

It appears as if the IRS has finalized the form. I downloaded it today.  I would like to know when TurboTax will include this in the application. I just checked and it says I'm up to date but sadly that form is not present.

https://www.irs.gov/pub/irs-pdf/f8915e.pdf 

[DoninGA]

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@stl66 wrote:

It appears as if the IRS has finalized the form. I downloaded it today.  I would like to know when TurboTax will include this in the application. I just checked and it says I'm up to date but sadly that form is not present.

https://www.irs.gov/pub/irs-pdf/f8915e.pdf 

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TurboTax will have the Form 8915-E available for e-filing on 02/24/2021