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momojo68
New Member

The IRS updated form 8915-E on February 11. Will turbotax provide updated software so I can make this COVID disaster deduction?

 
4 Replies
macuser_22
Level 15

The IRS updated form 8915-E on February 11. Will turbotax provide updated software so I can make this COVID disaster deduction?



The TurboTax 8915-E should be available on Feb. 25 (pending IRS approval by then).

The IRS just finalized the form on Feb 11. TurboTax must now submit their 8915-E software to the IRS for testing to be sure that both TurboTax and the IRS e-file computer are compatible. That process usually takes the IRS 2-3 weeks for approval to release the new form to the public.

See below for a link to sign up for an email when the form is ready.

This form is necessary to report COVID related distributions from IRA's and other retirement plans to report the distribution, pay it back over 3 years or spread the tax over 3 years.

A COVID-19 related distribution is reported on a new 8915-E form.

See this TurboTax FAQ to sign up for an e-mail when the form is ready.
https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
isolationyears
Returning Member

The IRS updated form 8915-E on February 11. Will turbotax provide updated software so I can make this COVID disaster deduction?

does not work online - am still getting 10% penalty 

macuser_22
Level 15

The IRS updated form 8915-E on February 11. Will turbotax provide updated software so I can make this COVID disaster deduction?


@isolationyears wrote:

does not work online - am still getting 10% penalty 


It works fine if you say it was COVID related and answer the questions as to what you did with it.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
DawnC
Expert Alumni

The IRS updated form 8915-E on February 11. Will turbotax provide updated software so I can make this COVID disaster deduction?

In TurboTax, some customers are experiencing an issue that they continue to receive the 10% penalty on their early retirement withdrawal due to Covid even though they answer the questions correctly and should not have a penalty.

 

If you are experiencing this please go back through the interview flow and double-check your answers.

 

If you are still experiencing this issue please sign up here and you will be notified as soon as we ...      @isolationyears

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