Question

Turbo Tax 2020 and COVID waiver of extra tax on early withdrawals.

Forum|Forum|5 years ago
February 7, 2021
1 reply
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I am using turbo Tax 2020 and have 2 early withdrawals from a 401K. I am paying extra because the withdrawal was early by IRS definition. When I look in Turbo Tax Help I see a form 8915-E mentioned that is still in drtaft mode with the IRS. When I go directly to IRS site I see a draft 8918-E that is in draft mode and seems to be the form for waiver of extra tax if withdrawan for valid COVID reasons.

Just wonder which form will I expect to see in Turbo Tax once released 8915-E or 8918-E?

Thanks

Kat11_2

Employee

You'll need Form 8915-E, which you correctly stated is still in draft form. There is currently no IRS estimate for when this form will be released.

Form 8918-E (also still in draft form) is for "Material Advisors" to use for the same purpose as Form 8915-E.

You may already have all of this info, but I'm linking a TurboTax FAQ that explains in more detail.

What is form 8915-E Qualified Disaster Retirement Distributions and Repayment?

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***