Question

"Were still working on updates related to retirement distributions that qualify for covid relief". Any idea when this will be updated? I need to file!

Forum|Forum|5 years ago
March 2, 2021
1 reply
0 views

I cannot file because my pension deduction worksheet needs "fixed" it tell me to keep working on my return and the message will be removed when its ready

TurboTax Deluxe Online

RayW7

Form 8915-E is now available, you should be able to access it after you do an update in TurboTax.

Use Form 8915-E if you were impacted by a. qualified 2020 disaster (including the. coronavirus) and you received a distribution.

Please follow these steps to enter your 1099-R:

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R” and you should see the “Your 1099-R Entries” screen
Click "edit" and continue until "Tell us if any of these uncommon situations apply" screen
Select "I took out this money because of a qualified disaster (includes COVID-19)" (TurboTax will walk you through questions once this section is ready)

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 or having work hours reduced because of COVID-19
You’re unable to work due to child care closure or hour reduction because of Covid-19
You experience adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to SARS-CoV-2 or COVID-19.

You can choose to have the distribution taxed over 2020, 2021, and 2022 instead of only in 2020. You’ll have three years to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions. If you pay back the amount within that time, you’ll be able to claim a refund on those taxes paid when you file an amended tax return. Please see IRS Coronavirus-related relief for retirement plans and IRAs for more details.

D

dpsmet

Hi

I followed your instructions step by step but hit a wall at step 4. I select edit, but never see the "tell us if any of these uncommon situations apply" screen. I am also obviously not able to get to step 5.

Someone please help.

S

sls50211

Delete the 1099R you are working on and re-enter. After you have logged in and are in your return in TurboTax Online:

Go to Search at the top of the screen.
Enter Form 1099-R in the search box.
You will see a Jump To function that will take you to the 1099-R input screens.
Delete the 1099R in question by clicking on the trash can next to the form
Then add a new 1099R and manually enter your 1099R.

At the financial services screens, click "Change how I enter my form" then "Type it myself"

After entering the 1099R data and "Continue" you will see the screen to select the Covid-19 distribution option. Review your coding in box 7 of the1099R and TurboTax. It should be a 1,2, or 7 if its a traditional IRA. If its a Roth IRA distribution, temporarily change the coding. If its B1, then remove the B and continue. Once completed, edit the 1099R back to its original coding.