@JoeDown wrote:
I would like some clarification on the steps for reporting the taxable amount for the second year when electing to spread it over three years. Am I filling out form 8915 again for 2021 even though the distribution was only in 2020? I would assume I will not be receiving a 1099 R for 2021 since there was no distribution for that year. It does not seem clear where I report the the taxable amount for the second year.
Reporting the 2021 CARES act retirement plan distribution for 2020 that gave you 3 years to repay it back to the plan will be part of the 1099-R interview. If you do not have a 2021 1099-R it will ask if you have a 2021 1099-R, if you answer no it will ask if you have 1099-R income - say no and it will then ask if you had a disaster distribution from 2017-2020 - say yes.
This will be reported on a new 8915-F form that is still in the draft state at the IRS. Once the IRS finalizes that form the IRS must then write the e-file specifications (schema) for TurboTax (and all other e-file providers) to program from. That usually takes 2-3 weeks after the paper form is finalized.
The new form is expected sometime in March.
The draft forms can be viewed here:
https://www.irs.gov/pub/irs-dft/f8915f--dft.pdf
https://www.irs.gov/pub/irs-dft/i8915f--dft.pdf
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
