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January 21, 2021
Question

How do we get past the fee for withdrawing from a 401k due to covid-19? There is no process in turbotax to forego this penalty like is supposed to.

  • January 21, 2021
  • 2 replies
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2 replies

January 21, 2021

pretty sure we can't until they update their software

DoninGA
Employee
January 21, 2021

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.

January 21, 2021

Thank you. This is helpful.