The IRS was set to release form 8915-E on February 12th, 2021, which is now available @ irs.gov. I would like to know when we can expect Turbo Tax to release this form?

[tbrooklyngirl]

Form 8915-E was released by the IRS on February 12th, however, TurboTax has yet to make this form available to us users.  Please confirm when we can expect to gain access to this form.  I am unable to finish my taxes because of this form not being available.

[macuser_22]

The TurboTax 8915-E should be available on Feb. 24 (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...

[Opus 17]

It's scheduled for 2/24, although that sometimes means afternoon or evening, and not always first thing in the morning. 

[Mommyof3]

I had to file with TaxAct on 2/14 and accepted same day with 8915-e form and transcripts show DDD 2/24. So it was good and I'm glad I chose a different route 

[kevindaniel21]

@Opus 17 

Updated to the 25th, still oh so close!

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[kevindaniel21]

Updated to be available 2/25

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[Opus 17]

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@kevindaniel21 wrote:

Updated to be available 2/25

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

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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...

[barbarajmccann]

It IS updated but, because box 7 on my 1099-r was marked (1), I never got to the screen with Covid related questions. Fidelity is issuing a corrected form with box (2) checked. 

[gloriah5200]

Form 8915-E is available now in TurboTax.

It sounds like you are currently waiting on the corrected Form 1099R, so you can input it correctly into TurboTax.

When you get your corrected 1099R, then you can go into your return and change the box 7 code and any other differences in it vs the initial one.  Then, TurboTax should be able to "open up" the other options for treating it as a Covid distribution with special benefits.

Code 2 in box 7 will allow your return not to be subject to a 10% early distribution additional tax.  One of the exceptions can be covid distributions

Qualified 2020 Disaster Distribution Coronavirus and Other Qualified 2020 Disasters:

Qualified 2020 disasters fall into two categories:

• coronavirus and
• qualified 2020 disasters other than coronavirus.

These disasters are the only disasters for which a qualified 2020 disaster distribution can be reported on Form 8915-E. 

How Is a Qualified 2020 Disaster Distribution Taxed?

Generally, a qualified 2020 disaster distribution is included in your income in equal amounts over 3 years.

However, if you elect, you can include the entire distribution in your income in the year of the distribution.

If more than one distribution was made during the year, you must treat all distributions for that year the same way.

Any repayments made before you file your return and by the due date (including extensions) reduce the amount of the distribution included in your income.

Qualified 2020 disaster distributions aren’t subject to the additional 10% tax on early distributions