I made a qualified CARES act withdrawal from my TSP account in October 2020. Do i need to report anything on my 2020 tax return an/ how?

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January 18, 2021
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I made a qualified CARES act withdrawal from my TSP account in October 2020. Do i need to report anything on my 2020 tax return and how? I made a $40,000 withdrawal with $5,000 designated for federal withholding. How do i reflect in on my federal tax return? I keep reading about form 8915-E, but is unable to locate the form anywhere and cant find where would I enter it in TurboTax software.

Best answer by MinhT1

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS.

TurboTax will update this section shortly after the IRS releases the final version of form 8915-E and its instructions.

MinhT1Answer

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS.

TurboTax will update this section shortly after the IRS releases the final version of form 8915-E and its instructions.

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jdkluck

So once the IRS finalizes the form it should be available in TurboTax so we can complete our taxes?

Just was not sure if it would not be supported and would have to file separately after initially filing. I assume the TurboTax website for forms just says unsupported because the form is not released yet and that it does not mean it will not be supported once it is released. Right?

CatinaT1

You are correct.

You will report this on a Form 8915-E. The IRS has not yet finalized the Form 8915-E for retirement plan distributions under the CARES act. So this form cannot be included in the TurboTax program. You will not be able to proceed until the form is available.

The IRS has not communicated when the form will be finalized for inclusion on the 2020 federal tax return.

We estimate it will be sometime in February 2021 before the form is available. You can watch this link for the form availability. Currently, the form is not listed here since there is no estimated date. Once there is, you will find the form listed with the date available.

IRS forms availability table for TurboTax individual (personal) tax products

Please sign-up here and we will email you once the form is live.

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