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While inputting my 401k/Roth IRA information, it mentioned a relief for an early withdraw if it was related to Covid and it said it was not included in the build. Help?

Forum|Forum|5 years ago
February 2, 2021
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While inputting my 401k/Roth IRA information, I uploaded my 1099-R's and it mentioned a relief for an early withdraw if it was related to Covid and it said it was not included in the current Turbotax build and that I needed to return later. When is later, and what should I do till then?

TurboTax Deluxe Online

Best answer by DaveF1006

You can record the information in your return and wait until the form is released. I wouldn't submit the return however because if you do, you will need to prepare the amended return to claim back the early withdrawal penalty. Why pay the extra tax now because if you prepare an amended return, it could take 6-8 weeks for the IRS to process your amendment. Besides, if you submit now, you won't be able to prepare your amendment until mid February.

So avoid all that extra trouble and wait until the form is released. You can sign up here so we can notify you when the form is available.

DaveF1006

No The reason the program is not accepting the hardship is because IRS has not released form 8915. At this time, there is no release date for the form. Please check for forms updates by periodically selecting this link.

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N

nuptuptdowAuthor

So, until that form is released, I can't make that change. Do I need to wait until it gets released, or do I need to go ahead and submit what I have currently?

DaveF1006Answer

You can record the information in your return and wait until the form is released. I wouldn't submit the return however because if you do, you will need to prepare the amended return to claim back the early withdrawal penalty. Why pay the extra tax now because if you prepare an amended return, it could take 6-8 weeks for the IRS to process your amendment. Besides, if you submit now, you won't be able to prepare your amendment until mid February.

So avoid all that extra trouble and wait until the form is released. You can sign up here so we can notify you when the form is available.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"