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Level 2
posted Jan 14, 2021 5:31:19 PM

Turbotax says that it cannot process my Coronavirus Related Distribution because "IRS instructions weren't ready in time for the release"

It's asking me to "Please revisit this area later." I have been checking for over two weeks. Does anyone know when the CRD functionality (to accurately calculate taxes due on 401k withdrawals and remove the penalty) will be ready? It will probably be later in the tax season (February/March?)

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1 Replies
Expert Alumni
Jan 15, 2021 8:49:11 AM

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS.

 

TurboTax will update this section shortly after the IRS releases the final version of form 8915-E and its instructions.