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

[ohpackfan]

IRS form 8915-E has been available since 2-12-2021.  when will turbo tax program be updated?

[BKLAWN]

YOU ARE RIGHT, TURBOTAX PLEASE UPDATE PROGRAM SO I CAN COMPLETE MY TAXES.. THANKS

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

[DianeW777]

It is being prepared for release. Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which is used for COVID-related early distributions, will be ready for e-file starting February 24th.  It was recently moved out of the draft form by the IRS.

• For more information about this form use this link: Qualified 2020 Retirement Distributions due to COVID
• Sign up for email notification for Form 8915-E as soon as it's available by clicking this link.

[BKLAWN]

THANK YOU VERY MUCH

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

[mimranbeig]

Can we not attach the 8915-E to e-file and not wait till 02/24? 

[SamS1]

No. You could attach it to a paper return if you want to mail your return in.  The IRS is recommending everyone e-file this year due to staff shortages processing paper returns and Covid-19.  The IRS just started processing returns on 02/12.  Waiting till 2/24 will still get your return in and processed with the first wave.  

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.

[kenbsea]

Hi Sam.. if we filled out the return on the program and printed it off to attach the pdf to... that wouldn't reduce what the printed form would be claiming we owed though would it... the voucher, and amount due would still claim to be the higher amount collecting on the 10%.  am i missing something with that thought?

[Irene2805]

If you download form 8915-E, for example from the IRS website, and attach it to your return, you are correct in that the figures on your return will be unchanged.  The numbers won't flow from the 8915-E you downloaded.

Your best option is to wait until the 8915-E is available for e-filing, now projected around February 24.

[fogonthedowns]

This is out of date. It is ready today: https://www.irs.gov/forms-pubs/about-form-8915-e on the IRS website. 

[LinaJ2020]

The 8915-E Form is projected to be e-fileable starting 02/24/2021.  Please click on the following link and sign up for an email notification when it's fixed.  

Form 8915-E

If you are under age 59 1/2, the distribution from the retirement plans and IRAs is considered as an early withdrawal.  Generally, you will pay both regular tax plus an additional 10% penalty of your entire distribution unless you met certain criteria.  Due to the CARES Act, if your retirement distribution is related the Covid-19, you will not be liable for this additional penalty.  You will still pay the normal taxes like your wages and income.  For more information from the IRS, click here: Covid Relief.  If your distribution is not related to the Covid, you will need to pay the penalty.

[Iamlanh]

Hi when i withdrew from my 401k i withheld or paid taxes on the amount already. Do i have to pay any additional taxes when i file for that amount i took out?

[DawnC]

It is doubtful you will owe any more tax on it.  They withhold 20%, so unless your tax bracket is more than 20%, the withholdings should cover the tax.  This is assuming the distribution was covid-related.  If so, you don't have to pay the 10% penalty.   You can also choose to spread the regular tax over 3 years.  

Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.

You qualify if:

• You, your spouse, or your dependent are diagnosed with COVID-19
• You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off
• You had work hours reduced to COVID-19
• You’re unable to work due to child care closure or hour reduction

The distribution would be taxed over 2020, 2021, and 2022. You’ll have that time to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions, and if you pay back the amount within that time, you’ll be able to claim a refund on those taxes.    @Iamlanh

[Bosshoney]

Okay. 

[kenbsea]

Hello pattif.. assume the deluxe CD/download version as well, not just online, correct?

[PattiF]

Yes, the Form 8915-E will be available for the CD/Download version on that date as well.