***I'm not a tax professional or authorized to give tax advice. This information is strictly informational.***
As already shared in this string, those who chose to spread CARES-related income over three years still need to wait for TT to code IRS Form 8915-F into the software. The IRS appears to have finalized this form on February 3, so we are waiting on TT at this point - not the IRS.
How will it work in TT? In TT Premier online (my sole point of reference), I think there's at least a hint in the Wages & Income section.
When I click on "Retirement Plans and Social Security" and "Start" or "Revisit" (depends on past clicks) for "IRA, 401(k), Pension Plan Withdrawals (1099-R)," it takes me to a new page asking, "Did you get a 1099-R in 2021?," and I click "No" because I didn't - my CARES-related withdrawal was in TY 2020. The next/new page asks, "Have you ever taken a disaster distribution before 2021?," and I select "Yes" and click "Continue." The next/new page asks, "Did either of you (joint return for me) take a disaster distribution at any time between 2017 and 2020?," and I select, "Yes, we took a disaster distribution between 2017 and 2020," and click "Continue." The next page disappointingly tells me, "You'll need to revisit this area" and tells me TT is waiting on the IRS to finalize instructions.
As mentioned at the beginning of this post and according to the IRS, instructions for Form 8915-F and form 8915-F itself have been published as final versions since February 3. You won't need to complete and file Form 8915-F manually, but you will need to wait for TT to add it and the associated questions to complete your taxes using TT.
