Question

I have 2 1099-R forms because I cashed out a 401K and and IRA due to covid. It's my understanding I shouldn't have to pay the 10% early withdraw fee but won't do it

Forum|Forum|5 years ago
February 10, 2021
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TurboTax Premier Online

You will not have to pay the 10% penalty for the early withdrawals if they were due to COVID-19. To claim the exception, you will have to file Form 8915-E. At this point and time the Form 8915-E (Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)) is not finalized. Please see the following Help Article for more information:

Why am I getting getting a 10% penalty on my 1099-R when I withdrew fund during Covid? (Form 8915-E)

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