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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.
So when is the date now? is it today or now the 26th?
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 ...
Just checked and form 8915-E is NOT available on TT. When launching TT the message says I'm up to date however form 8915-E is not there.
When will TT have form 8915-E in the update?????
@Diazma703 here chat from a similar topic
@yarik83 wrote:I paid 10% at time of withdrawal like everyone else does. It then at time of withdrawal talked about another 10% being waived due to covid.
In filing taxes through turbotax, when I remove 1099-r and re-enter it, it allows me to go through the prompts about covid. Last screen where it asks about paying taxes on distribution amount "now" if you check it, it jumps your refund of $1,800 to $12,000 owed. If you uncheck it, it keeps your refund of $1,800 but does not withhold 1/3 over 3 years.
So... if I submit my taxes... I do not want to be hit by IRS for checking or unchecking the box because programming of website omitted something.
I need to know that when I keep box for "pay all tax now" empty and my refund is $1,800 that I am not going to be billed by IRS for $12,000/3 = $4,000 for 2020.
Clearly checking that box automatically places you into poverty and unchecking that box does not explicitly say that you have "started paying over 3 years effective immediately".
The taxes that were withheld from the withdrawal are entered on your 2020 tax return, the full amount. The covid related early withdrawal penalty is waived. If you did not select the box to pay tax on the entire retirement distribution in 2020, then only 1/3 of the withdrawal is entered on your tax return as taxable income.
Look at your tax return Form 1040
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
@searenity123 the form in available on TT site if you file there but I did see others who had the home software didn't see the form yet and are saying its out tomorrow.
I do file with TT however I have TT on my computer. I suppose that update will be available tomorrow. Hopefully!!!!
When will the 8915-E be incorporated into TurboTax premier 2020?
Today is February 25th and i have not been contacted as i requested when this is available.
@The General Please view the following FAQ for all IRS form availability dates within Turbo Tax: IRS Forms Availability
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