Question

When will TurboTax update their software to reflect the 10% penalty waiver on early 401K withdrawal due to Covid19?

Forum|Forum|5 years ago
January 23, 2021
1 reply
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Will TurboTax be able to allow us to report an 401K withdrawal ratably over 3 years so we don't have to pay full tax on the total 401K early withdrawal?

TurboTax Premier Online

P

PattiF

The form that is used to report the 401k withdrawal is Form 8915-E. It is not currently available.

The IRS will be releasing Form 8915-E to use with the 1099-R. Here is more information:

CARES Act and 1099-R Withdrawal.

The software has not been updated yet because the form has not been finalized by the IRS. Once the software has been updated, you will be prompted through the form with instructions on how to enter the information.

The IRS has not provided a release date for the form at this time. Use this link IRS Form Availability to watch for when the 8915-E form will be available in the software once the IRS completes it.

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