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Level 2

Solved

How to make 2nd tax payment on covid-19 401-k withdrawal from 2020

Forum|Forum|4 years ago
January 24, 2022
2 replies
37 views

I made covid-19 penalty free 401K and IRA withdrawals in 2020 and elected to pay the tax over 3 years. I made the first tax payment on my 2020 tax return which I filed in 2021. The 2020 tax return included form 8915E. I have no idea how to make the 2nd tax payment when filing my 2021 tax return. I though it would come up in disaster relief. Can someone please explain exactly how I make my next tax payment for the deferred 401K / IRA income.

TurboTax Deluxe Online

Best answer by DoninGA

To report the payment for tax year 2021 you will need the new IRS form 8915-F. The IRS has not yet released the final version of this form or the instructions. It may not be available until mid-March 2022. Once it becomes finalized by the IRS then TurboTax will include the form in the TurboTax software in the section for reporting a Form 1099-R.

See this TurboTax support FAQ for the Form 8915-F - https://ttlc.intuit.com/community/retirement-tax-credits-and-deductions/help/what-is-form-8915-e-qualified-2020-disaster-retirement-plan-distributions-and-repayments/00/1879654

DoninGA

Answer

Level 15

jdmar25

Level 2

Two questions: 1. Do you enter the full distribution amount? 2. I received a 1099 in 2021, but I didn't receive one in 2022. Should I have from my financial institution? And if I'm not supposed to receive a 2nd 1099, what information do I submit?

DoninGA

Level 15

@jdmar25 wrote:

Two questions: 1. Do you enter the full distribution amount? 2. I received a 1099 in 2021, but I didn't receive one in 2022. Should I have from my financial institution? And if I'm not supposed to receive a 2nd 1099, what information do I submit?

You do not enter the 2020 Form 1099-R on the 2021 tax return. If you requested to have the 2020 distribution spread over 3 years then you enter 1/3 of the amount distributed in 2020 on the 2021 tax return. No, you will not receive another Form 1099-R for the 2nd or 3rd year of the 2020 distribution.

You must go to the Retirement Income section of the program for a Form 1099-R to be able to enter your 2nd year of the 2020 distribution -

Click on Federal

Click on Wages & Income

Scroll down to Retirement Plans and Social Security

On IRA, 401(k), Pension Plan Withdrawals (1099-R), click on the Start or Revisit button

On the screen Did you get a 1099-R in 2021? Click on NO, if you did not receive a 2021 Form 1099-R

If you had a Covid-19 related distribution in 2020 and selected to spread the distribution over 3 years -

Answer Yes when asked Have you ever taken a disaster distribution before 2021?

Answer Yes when asked if you took a Qualified 2020 Disaster Distribution

Check the box that this was a Coronavirus-related distribution reported in 2020

In the box 2020 Form 8915-E, line 4, column b - Enter a 0

If the 2020 distribution was from an account that was Not an IRA

2020 Form 8915E Line 9 - Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 9

If the 2020 distribution was from an IRA account

2020 Form 8915E Line 17 - Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 17

Do not enter anything in the other boxes, leave them blank (empty)

The 1/3 of the amount from the 2020 distribution will be entered on the 2021 Form 1040 Line 4b if from an IRA or on Line 5b if from a retirement plan other than an IRA

After completing the Wages & Income section you will land on a screen Did you take a disaster distribution at any time between 2018 and 2020?

Answer NO since you have already completed the entering the 1/3 of the 2020 distribution.

You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Using the desktop editions click on Forms. Open the Form 1040

Screenshots from the online editions -

MinhT1

Level 15

You will report the second taxable portion of your 2020 coronavirus distribution in the Retirement section under Wages and Income of TurboTax.

However, this section is yet not ready as the IRS has not yet issued instructions and you'll need to revisit this section later.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

dddcooke

Level 2

Any update on this form?

DoninGA

Level 15

@dddcooke wrote:

Any update on this form?

Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirements for tax year 2021 is estimated to be available in TurboTax on 03/24/2022

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html