As noted below, the form necessary to complete this step with your tax return, the IRS is not yet ready. To record one third of a distribution you were allowed to take without penalty due to COVID, you can use the steps below.
- Sign into your TurboTax account > Select Wages and Income > Scroll to IRA, 401(k), Pension Plan Withdrawals (1099-R) > Edit/Add
- Continue through Form 1099-R entry if applicable and select I took out this money due to a qualified disaster
- Continue to enter the requested information
- 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.
- 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.
NOTE: This Form 8915-F is still in IRS draft form. Continue to check the federal forms availability for a date of release.
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