Question

IRS Pension not finalized?????

Forum|Forum|5 years ago
February 17, 2021
1 reply
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The IRS is accepting tax returns, BUT Turbo-tax says that the IRS is not finished with Pensions (1099-R) I have the 1099-R from my pension administrator but can't put the data in. When is this going to get resolved?

Pension Plan

AmyC

Employee

1099-R is not a problem but the substitute form is not yet ready. If you have a regular 1099-R, you should be able to enter it in the program. If you are on the desktop version, you need to update. If you are online, I suggest you change browsers.

The IRS does work on forms from most common to least common. See Federal form availability for expected release dates. Once released, we work to incorporate them quickly. They will be working until the end of March for the least common usually.

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ErickNucAuthor

I use the downloaded program. It updated this morning and the only way to enter the data is by going to the forms section. The program indicates that the IRS has not finalized data and will NOT let me enter the data in the normal fashion. The same is true of the 1098-T form.

L

linaj20201

This might relay to the Form 8915-E if your distribution was due to Covid, which is not available for e-file yet.

As of today, the 8915-E Form is projected to be e-fileable starting 02/24/2021. Please click on the following link and sign up for an email notification when the form is finalized.

Form 8915-E

If you are under age 59 1/2, the distribution from the retirement plans and IRAs is considered as an early withdrawal. Generally, you will pay both regular tax plus an additional 10% penalty of your entire distribution unless you met certain criteria. Due to the CARES Act, if your retirement distribution is related the Covid-19, you will not be liable for this additional penalty. You will still pay the normal taxes like your wages and income. For more information from the IRS, click here: Covid Relief. If your distribution is not related to the Covid, you will need to pay the penalty.

As far as the Form 1098-T, all the related forms are available for e-file. To check forms availability, click here: Forms