2020 1099-R Cares Act Distribution

[DpRT]

I took a Cares Act distribution for 2020. I reported the total distribution from my 2020 1099-R on my 2020 Turbo Tax return, but checked the box to pay the tax over 3 years. Do I enter the entire amount from my 2020 1099-R again on my 2021 taxes?  Or should i have only reported 1/3 of the 1099-R total for each of the 3 years (2020, 2021, 2022)?  Do I have to file another 8915-E for 2021 & 2022?  When will that be available?

[VolvoGirl]

You just enter the 1/3 you are reporting this year.   It's a 8915-F for this year.

The ability to enter the payment has not yet been implemented in TurboTax. The IRS has not even released the form for it yet. Once those forms are implemented you will visit the "Retirement" topic in the "Wages and Income" tab. If you have Forms 1099-R for TY2021 distributions, you can enter them as usual.

If not, you just select "NO" when asked if you received a 1099-R.

At either point, you will then be asked about prior year "Disaster Distributions." Follow the prompts from there to enter the second installment of your distribution.

[MaryK4]

You will not receive or enter another 1099-R, but the information on the 8915-E is used to report the income.  For 2020, the Form 8915-E showed the income taxed for 2020 and the amount to bring forward in 2021.  If you used TurboTax, the amount will be automatically transferred.  For 2021, there is Form 8915-F and TurboTax will have it available on March 31st.

[DpRT]

Hi, and thanks.  Let me see if i understand your response clearly.  For 2021 & 2022 i will NOT enter any 1099-R information at all, because I entered the entire withdrawal total on my 2020 taxes.  However, I will have to file another 8915-E when it is available on Turbo Tax at the end of March because I chose to spread the tax payments over those 3 years.  Does this sound correct?

[DaveF1006]

It is actually the 8915-F that you will need to file when it is available 03/31.