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.
thank you for your reply but yes, it has: https://www.irs.gov/pub/irs-pdf/f8915e.pdf
Here is the Turbotax FAQ.
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.
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
@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
However, I always tell people not be hasty because updates are sometimes applied in the afternoon or evening rather than the morning.
@Diazma703 wrote:
Is the form ready to be efiled yet?
The official list now says 2/25. Note that the update might not be applied until the afternoon, and Turbotax is on Arizona time.
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...
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.
I payed the taxes when I took the money out, do I have to pay more taxes ?
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.
Withholding ?
what’s the withholding for ? I was under the impression I was paying taxes because they took about 10% out.
If you took a Covid-related 401(k) distribution, there is no 10% early withdrawal penalty (up to $100,000 withdrawn).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.
The 8915-E Form is projected to be e-fileable starting 02/24/2021 today. It is available if you are going to download from the IRS website. However, e-filing is different. Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. I hope this helps you understand the situation.
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. If this is a 401K distribution, you will still have your normal 20% mandatory withholding for the federal tax.
it says the 26th Why am I getting getting a 10% penalty on my 1099-... (intuit.com)
So the date keeps getting pushed back and in the meantime I get an email that the price for filing will go up at the end of the month. 🙄
Supposedly the tax software program TaxAct already has form 8915-E available for e-file.
I actually just checked and I'm doing mines at this moment it's now available 😁
Does it actually walk you through this form ? I can’t seem to find it
@Diazma703 I had to revisit the 1099 R and a new message about Covid relief popped up.
When you took the withdrawal did they hold anything back ?
I thought I had it where they took the taxes out already ...