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

[DoninGA]

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@Lon67 wrote:

Trying to find form 8915-E on turbotax. its not working. Been trying forever and release date says 24th but its not there. When will turbotax have form 8915-E for early withdraw of IRA due to Covid19. 

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Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments is available for both the TurboTax online web-based editions and the TurboTax desktop CD/Download editions.

If you are using the desktop editions you have to update your software.  Click on Online.  Click on Check for Updates.

You need to enter or edit your Form 1099-R and answer the questions concerning a Covid-19 distribution.

[Lon67]

did that and its not there and cant find the form never ask me anything about covid 19

[DoninGA]

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@Lon67 wrote:

did that and its not there and cant find the form never ask me anything about covid 19

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Then delete the Form 1099-R and re-enter.  The Form 8915-E is available assuming that you updated your software on or after 02/25/2021.

[baseball571]

I’m using TT online. After I fill out the 1099-R it does NOT ask any COVID questions and what I owe just went through the roof. I’m trying to claim the withdrawal ratably through 2022. I have edited the 1099-R. Same result. Has anyone had any success in claiming the withdrawal ratably?

[DoninGA]

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@baseball571 wrote:

I’m using TT online. After I fill out the 1099-R it does NOT ask any COVID questions and what I owe just went through the roof. I’m trying to claim the withdrawal ratably through 2022. I have edited the 1099-R. Same result. Has anyone had any success in claiming the withdrawal ratably?

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The Covid-19 questions are there after entering the Form 1099-R.

Delete the form and re-enter manually.

What is the code in box 7?  Is this withdrawal from an IRA?  If so, Roth or Traditional?  Did you roll-over any amount of the withdrawal to another retirement account?

[baseball571]

It’s a TSP traditional, full withdrawal due to COVID related hardship. Box 7 contains “1”. No rollover.

[DoninGA]

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@baseball571 wrote:

It’s a TSP traditional, full withdrawal due to COVID related hardship. Box 7 contains “1”. No rollover.

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I just did a test entry using the Online editions and after entering the 1099-R there will be three screens asking questions or giving you information.  On the fourth screen it specifically asked if this withdrawal was because of a qualified disaster (includes COVID-19).

If you do not see this screen, then delete the 1099-R and re-enter manually.  If you still do not see this screen then clear your tax return and start over.

If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return and start over with a lower priced edition. Click on Tax Tools on the left side of the program screen while working on the 2020 online tax return. Click on Clear & Start Over.

[baseball571]

It worked I’m in business thank you!

[JDSchiller]

Any Updates on the 8915-E being update in Turbo tax ?

[DoninGA]

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@JDSchiller wrote:

Any Updates on the 8915-E being update in Turbo tax ?

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The Form 8915-E has been in the TurboTax online editions since 02/25/2021.  There was a software update on 02/26/2021 for the Form 8915-E to update TurboTax desktop software editions.

You have to start or edit a Form 1099-R and answer the Covid-19 questions before the 8915-E will be generated by the TurboTax program.

[glcorbett]

It is there now. You have to start by reentering the form if you already entered the info from your IRA/401k provider. Keep going, enter in all the info. Just when you complete it and think you have done this for no reason, the program at the very end asks you the info to complete the 8915-E correctly.

[sunshine73020]

How do you get this form? I just went through my taxes again and I still cannot find it on the TurboTax app. Yes, before you ask, I do qualify, because when I did them initially it said to keep come back because the form wasn't available 

[baseball571]

Make sure you are qualified first.

[SamS1]

@sunshine73020 I just went through the app and the form is there.  Go in and edit the 1099R then after the entry screens, make sure and make the check the 1st box on the "Do any of these situations apply to you" screen indicating you received a Covid distribution.  That should open up the other screens for the 8915-E.  The 8915-E will be used for penalty relief from early retirement plan distributions and include the option to spread the distribution income over 3 years.  This may be a good option if the distribution is pushing you into a higher marginal tax bracket.  You may end up paying less tax if you spread the distribution over the 3 years.

[Thenewmrsu728]

I am working on my 2020 tax with the turbo tax deluxe and I completed all of the forms and info for the federal portion including my 1099-R but nothing has come up as far as the 8915-E form that I qualify for.  How do I go about completing the form so that I can finish my taxes?