DanaB27
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Retirement tax questions

 Please see IRS forms availability table for TurboTax individual (personal) tax products for when Form 8915-F will be available.

 

Once the section is available follow these steps to report any further tax to be paid or any repayment:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. If you do not have any 2021 1099-R answer "No" to "Did you get a 1099-R in 2021?" (If you have any other 1099-R then enter all 1099-R and after entering your last 1099-R click "Continue" on the “Review your 1099-R info” screen)
  5. Answer "Yes" to the "Have you ever taken a disaster distribution before 2021?" screen

 

 

Please be aware, you’ll have three years to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions. If you pay back the amount within that time, you’ll be able to claim a refund on those taxes paid when you file an amended tax return.

 

Example from the IRS:
  
 "If, for example, you receive a coronavirus-related distribution in 2020, you choose to include the distribution amount in income over a 3-year period (2020, 2021, and 2022), and you choose to repay the full amount to an eligible retirement plan in 2022, you may file amended federal income tax returns for 2020 and 2021 to claim a refund of the tax attributable to the amount of the distribution that you included in income for those years, and you will not be required to include any amount in income in 2022."

 

 

Please see IRS Coronavirus-related relief for retirement plans and IRAs for more details.

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