The form needed to enter this information is Form 8915-F which is not finalized yet. The expected date of march 24 has not been updated so we assume it will be ready then. It is still showing up in the Draft stages with the IRS. So TurboTax
Form 8915-F is used to report a disaster-related retirement distribution, and any repayments of those funds. It also allows you to spread the taxable portion of the distribution over three years, if needed and report prior year distribution amounts which are to be taxed in 2021. Form 8915-F replaces Form 8915-E.
Note: You can learn when Form 8915-F will be available in TurboTax here.
We'll complete and include Form 8915-F with your return if you qualify. Just enter your Form 1099-R and answer a few questions to determine your eligibility.
To qualify for Form 8915-F and to be exempt from the early withdrawal penalty a few rules must be met:
1. The withdrawal had to come from an eligible retirement plan, which could be any of the following:
- A qualified pension, profit-sharing, or stock bonus plan (including a 401(k))
- A qualified annuity plan
- A tax-sheltered annuity contract
- A governmental section 457 deferred compensation plan
- A traditional, SEP, SIMPLE, or Roth IRA
2. The distribution must be to an eligible individual. That is a person who was affected while living in a federally declared disaster area. This doesn't include any area which was declared to be a federal disaster area only because of COVID-19.
There is also a $100,000 distribution limit to the exemption. Any distributions over that amount, may be subject to the additional tax.
When do I have to pay taxes on disaster or COVID-19 related distribution
When do I have to pay taxes on disaster or COVID-19 related distributions?
Can I repay a COVID-19 related distribution?
How does it impact my state return?
@Constantine1
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