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Level 2
March 25, 2021
Question

8915-E Qualified 2020 Disaster Retirement Plan Distributions

  • March 25, 2021
  • 2 replies
  • 16 views

Have a customer that withdrew money from his 401k and was told by his broker that if he filed form 8915-E and showed the coronavirus and the reason to eliminate the early withdrawal penalty. of 10%.

I have completed the from 8915-E and when I mark the box for coronavirus it is a red x and does nothing to eliminate the penalty. 

What do I have to do to eliminate the penalty?

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2 replies

qbteachmt
Level 15
March 25, 2021

Does it qualify? Read the instructions:

https://www.irs.gov/pub/irs-prior/i8915e--2020.pdf

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Just-Lisa-Now-
Intuit Community Champion
March 25, 2021

Did you mark the Covid boxes on the 1099R worksheet? Dont try an fill out the 8915E manually, marking the Covid boxes on the 1099R worksheet fills it in automatically and excludes the penalty.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪