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March 8, 2021
Question

I am not able to submit my return due to the pension deduction worksheet needing to be updated for covid relief. Any idea when this will be updated?

  • March 8, 2021
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March 8, 2021

Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Taxpayer) is currently available. If you're using the TurboTax CD\Download version, manually update it. 

 

If you're still having and issue with the form, see Why do I still get 10% penalty on the withdraw of my retirement even though I answer the questions correctly? to sign up for an update.

 

Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.

 

You qualify if:

  • You, your spouse, or your dependent are diagnosed with COVID-19
  • You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off
  • You had work hours reduced to COVID-19
  • You’re unable to work due to child care closure or hour reduction

 

 

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