The IRS released form 8915-E yesterday. when will it be incorporated into TurboTax?

[DoninGA]

The IRS has Not released the Form 8915-E for tax year 2020.

The Form 8915-E and the instructions for Form 8915-E are still in draft mode

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

The IRS has not communicated when the 8915-E will be available for use with a 2020 federal tax return.

[stubblefrl]

thank you for your reply but yes, it has: https://www.irs.gov/pub/irs-pdf/f8915e.pdf

https://www.irs.gov/pub/irs-pdf/i8915e.pdf

[Opus 17]

Here is the Turbotax FAQ.

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

It's not even listed there yet, because up to now it didn't official exist.  Hopefully the developers will update that list shortly.  The volunteers in this forum are often the last to know. 

[stubblefrl]

thank you! @DoninGA the page you linked has been updated now to include the published versions: https://www.irs.gov/forms-pubs/about-form-8915-e

[Opus 17]

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@stubblefrl wrote:

thank you! @DoninGA the page you linked has been updated now to include the published versions: https://www.irs.gov/forms-pubs/about-form-8915-e

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Turbotax now indicates February 24, and that the form will be e-filable.  The FAQ has been updated.

https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...

However, I always tell people not be hasty because updates are sometimes applied in the afternoon or evening rather than the morning. 

[Opus 17]

https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...

However, I always tell people not be hasty because updates are sometimes applied in the afternoon or evening rather than the morning. 

[Diazma703]

Is the form ready to be efiled yet?

[Opus 17]

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@Diazma703 wrote:

Is the form ready to be efiled yet?

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The official list now says 2/25.  Note that the update might not be applied until the afternoon, and Turbotax is on Arizona time. 

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

[Anonymous]

Still not working for me. I tried "Help" and the unhelpful bot connected me to someone in QuickBooks who was useless even though my topic was 8915-E and I was logged into TT Deluxe. I'm unsure why it's so difficult to publish regular updates and/or meet deadlines. Yes, I know it's still 2/24...

[erica8820]

Has it been released yet??? It’s 2/24.

[Anonymous]

I was told now by TT live help the 8915-E form will not be available until tomorrow, 2/25. I hope there will not be another delay as some folks need this money ASAP. 

[Diazma703]

I payed the taxes when I took the money out, do I have to pay more taxes ? 

[Anonymous]

You didn't pay taxes - you had a withholding. Once TT updates the software (hopefully tomorrow, 2/25) you can plug all of your tax information in, including the tax form you received for your retirement plan early distribution (if COVID-related), and answer the questions like usual to complete your tax return.

[Diazma703]

Withholding ? 
what’s the withholding for ? I was under the impression I was paying taxes because they took about 10% out. 

[Scooby5]

If you took a Covid-related 401(k) distribution, there is no 10% early withdrawal penalty (up to $100,000 withdrawn).  That is going to be reflected in the new Form 8915-E.

However, you still have to pay regular income tax on the withdrawal.  If you had some withholding when you took your withdrawal, that is the same as how you have withholding from your weekly paycheck.

NOTE:  You may, if you choose, take the total tax you owe for your 401(k) withdrawal and spread that out over 3 years.  That is another one of the upcoming TurboTax options we are all waiting for when they activate Form 8915-E.