Question

tax penalty

Forum|Forum|5 years ago
February 12, 2021
1 reply
0 views

why is turbo tax charging for ira penalty when it was waved by the care act

Indeed, if you are affected by Covid-19, your retirement distribution will be exempted from the early withdrawal penalty of 10%.

However, at this point in time the 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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

S

SweetieJean

Employee

You will report this on a Form 8915-E. On February 11th, the IRS finalized the Form 8915-E for retirement plan distributions under the CARES act. It will take some time for TurboTax to program, test, and get approval from the IRS for eFiling this form. Until then, the form is only available for print on the IRS website.

You can watch this link for the form availability. Currently, the form is not listed here but should be added soon. IRS forms availability table for TurboTax individual (personal) tax products

Please sign-up here and we will email you once the form is live.

In the mean time, you can make sure you are eligible for the provision here - Coronavirus Relief