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. No date has been given by the IRS.
TurboTax will update this section shortly after the IRS releases the final version of form 8915-E and its instructions.
Thank you for the reply. Will Turbo Tax announce this as soon as it becomes available?
Thanks
Probably not, Turbotax doesn't know which forms a particular taxpayer needs and doesn't usually send out blast emails.
For some forms, when you get to the review section in turbotax, it will tell you what forms aren't finished, and in the online version, you can sign up for an email notification. I don't think you can even get that far with form 8915-E yet--the program doesn't know the form even exists, it can't tell you when it will be ready.
This FAQ has forms availability, but 8915-E isn't even listed there. We have reported this for an update.
The form itself hasn't been listed in form availability yet, because the first release of the form itself has not been released or finalized by the IRS.
Per the IRS website, both the Instructions and Form for Form 8915-E currently do not have an updated release date.
The draft form was released 11/9/2020. Please see the Draft Instructions and Form below.
Form Draft Insturctions: https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf
Draft Form 8915: https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf
Does anybody know if this form (8915-E) will be available for electronic filing? I see some of the 8915 forms on the form availability page list 8915 as print only.
@kbl1320 wrote:
Does anybody know if this form (8915-E) will be available for electronic filing? I see some of the 8915 forms on the form availability page list 8915 as print only.
The IRS has a new Form 8915-E for COVID-19 related retirement account withdrawals. This form has not been finalized by the IRS for filing with a 2020 federal tax return. The IRS has not announced when this form will be available. Once available it will be included in the TurboTax software.
We estimate the form may be available sometime in February.
Since this is a new form, no one knows if it will be e-file eligible because the IRS hasn't released it as of yet. However, due to the nature of what this form will be addressing, there's no reason to believe that it won't be an e-file eligible form.
HRblock site shows 8915-E form release date of 2/18/2021, but who knows?
The IRS will be releasing Form 8915-E to use with the 1099-R. Here is more information:
CARES Act and 1099-R Withdrawal.
The software has not been updated yet because the form has not been finalized by the IRS. Once the software has been updated, you will be prompted through the form with instructions on how to enter the information.
The IRS has not provided a release date for the form at this time. Use this link IRS Form Availability to watch for when the 8915-E form will be available in the software once the IRS completes it
.
I efile thru turbo tax how am i suppose to file with a 8915-E form if the form is not ready yet im ready to file my taxes
Since the IRS has not released or finalized the Form 8915-E, you won't be able to e-file at this time. You can still efile without it however, you won't receive a waiver of the early withdrawal penalty.
Additionally, the IRS won't be accepting any efiled returns until 2/12/2021. So hopefully they will have the 8915-E ready and released by 2/12. If they don't, that's ok, as whenever the form does become available, you would just sign back into TurboTax and revisit your 1099-R and follow-up questions to make the proper election for the Penalty waiver, then you'll be able to efile your return.
I spoke to a rep at Turbotax. He confirmed the 02/18 form release date.
At this point and time, Form 8915-E (Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)) is not finalized. We currently do not have an estimated date when the form is ready.
Please sign-up here and we will email you once the form is live.
Did he say how long it will take for Intuit to get the form in Turbo Tax?
Yes, The IRS is still finalizing more tax forms. The form 8915 (Qualified 2016 Disaster Retirement Plan Distribution and Repayment) is not finalized yet. You file form 8915 if you were adversely affected by a 2016 disaster and received a distribution that qualifies for a favorable tax treatment.
See, federal individual forms availability, for information.
Thanks! That notification signup link was exactly what I was looking for.
The Last info on the 8915E was 3 weeks ago. is there any update as to when it will be released for Turbo Tax Home and Business Returns.
Unfortunately, the IRS has not yet finalized & released Form 8915-E. Additionally, they haven't provided a tentative release date for this form.
Please visit the following link to sign up to be notified when Form 8915-Em becomes available:
To find out more information about Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments, please visit: https://ttlc.intuit.com/community/retirement-tax-credits-and-deductions/help/what-is-form-8915-e-qualified-2020-disaster-retirement-plan-distributions-and-repayments/00/1879654
No, IRS has not updated it's 2020 version yet, unfortunately. To see IRS update, click here: https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf
Please click on the following link and sign up for an email notification when it's updated.
Thank You for your patience
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.
I just saw on the IRS site that 8915-E will not be ready for e-file and they indicated uploading a PDF of the form or alternately filling out a form. Will Turbo Tax be making this available so people can e-file?
Typically, most attachments cannot be e-filed; however the IRS has not yet released the final version of the form yet.
Please sign up for the most up to date information using this link Form 8915-E.
When this form becomes available, TurboTax will make it available in TurboTax Online and TurboTax Desktop for customers.
@kzigmant wrote:
When this form becomes available, TurboTax will make it available in TurboTax Online and TurboTax Desktop for customers.
This form has not been finalized by the IRS for filing with a 2020 federal tax return. The IRS has not announced when this form will be available. Once available it will be included in the TurboTax software.
We estimate the form may be available sometime in February.