Dear Turbo Tax Users,
I've been getting spammed with the same question for the last 2 weeks - just unchecked the email me someone replies option. Here are some general insights from every response I have reviewed and make sure you follow before posting the same question over and over again.
1. Form 8915-F is a needed to file your taxes and report your Covid 19 distribution.
2. Turbo Tax promised to have the form ready by 3/31/2022, which is just 2 weeks from the deadline and it's honestly an insult to all of us. A company this big needs to have better project management on this.
3. The rough math is really simple. If you took a Covid-19 401K withdrawal and didn't pay it back to your plan (a distribution), you had the option to pay all taxes on it in 2020 or 1/3 for the next 3 years. There is no other option.
4. Based on the example of the above, if you took out 30K, then you will need to pay taxes on the 30K in 1 year or split over 3 years AND minus any taxes you paid upfront. Multiply the 30K by your tax rate (say 30 % all in) and that's your bill for all 3 years or 1/3 for the next 3 years. The whole point of this relief from Congress is to make sure you don't pay the usual 10% federal penalty and that you can pay taxes over time in 3 years.
5. Turbo Tax dropped the ball on this, but it seems H&R Block has the same issue and wants to you PAY extra to have a paid advisor help you with this - ridiculous. They have implemented the "solution" faster than TT, but it appears to be a money grab.
6. My advice is to wait until "3/31". However, I think the 3/31 is a software dev "safe" date. I think TT will release the form sooner.
7. All major financial institutions like banks or brokerage firms have released their financial forms by now, so technically we are just waiting for TT.
8. TT customer support is clueless, just follow this forum, but read before posting the same question over and over again.
if I misstated something, please correct me.
