Question

2020/2021 Covid Early Distribution Payments

Forum|Forum|4 years ago
February 10, 2022
1 reply
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I took out an early distribution from my IRA in 2020 due to Covid and reported it as such on my 2021 return. Per the CARES Act, the early withdrawl penalty (10%) was voided, and also you were given the option of either A) paying the full tax of the withdrawl or B) make equal payments of the tax in 2020, 2021, and 2022. I took option B and made my first payment with my 2020 return. Now Im working on my 2021 return but its not allowing me to enter the "income" of the early disbursement. Is there a form yet that the IRS needs to create and publish, or am I supposed to enter this "income" on a different area of Turbo Tax?

TurboTax Home & Biz Windows

M

MinhT1

You will report the second taxable portion of your 2020 coronavirus distribution in the Retirement section under Wages and Income of TurboTax.

However, this section is not yet ready as the IRS has not yet issued instructions for form 8915-F and you'll need to revisit this section later.

Please read this TurboTax Help topic on form 8915-F.

At this time, we do not know when the IRS will finalize form 8915-F as it is still in draft form as of February 2, 2022.

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