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Level 2
posted Mar 17, 2023 3:20:06 PM

2020 Cares Act distribution

This is so frustrating!  It is adding the total taxes to my income instead of a third.  It is also charging a penalty for my Cares Act distribution. I do not remember it ever being this difficult.  Can someone help please? 

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1 Best answer
Expert Alumni
Mar 17, 2023 4:53:53 PM

We are aware that users are experiencing difficulty with reporting the deferred 2020 CARES Act distributions this year.

 

Please see this thread for additional discussion on this issue and the workaround steps below:

 

  1. Login to your TurboTax Account 
  2. Click on the "Search" on the top and type “1099-R”  
  3. Click on “Jump to 1099-R” 
  4. If you do not have any 2022 Forms 1099-R answer "No" to "Did you get a 1099-R in 2022?" (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 2022?" screen
  6. Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
  7. Uncheck the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and click continue
  8. On the "Which disaster affected you in 2020?" screen, select the blank entry and click "back" 
  9. Then recheck the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and continue.

 

Another option is to delete "Form 8915-F" and "Qualified 2020 Disaster Retirement Distr" and then go back to the retirement section and reenter the information:

 

  1. Open or continue your return in TurboTax.
  2. In the left menu, select "Tax Tools" and then "Tools".
  3. In the pop-up window Tool Center, select "Delete a form".
  4. Select "Delete" next to "Form 8915-F" and "Qualified 2020 Disaster Retirement Distr" and follow the instructions.
  5. Click on the "Search" on the top and type “1099-R”  
  6. Click on “Jump to 1099-R” 
  7. If you do not have any 2022 1099-R answer "No" to "Did you get a 1099-R in 2022?" (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)
  8. Answer "Yes" to the "Have you ever taken a disaster distribution before 2022?" screen
  9. Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
  10. Check the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and enter your information.

 

1 Replies
Expert Alumni
Mar 17, 2023 4:53:53 PM

We are aware that users are experiencing difficulty with reporting the deferred 2020 CARES Act distributions this year.

 

Please see this thread for additional discussion on this issue and the workaround steps below:

 

  1. Login to your TurboTax Account 
  2. Click on the "Search" on the top and type “1099-R”  
  3. Click on “Jump to 1099-R” 
  4. If you do not have any 2022 Forms 1099-R answer "No" to "Did you get a 1099-R in 2022?" (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 2022?" screen
  6. Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
  7. Uncheck the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and click continue
  8. On the "Which disaster affected you in 2020?" screen, select the blank entry and click "back" 
  9. Then recheck the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and continue.

 

Another option is to delete "Form 8915-F" and "Qualified 2020 Disaster Retirement Distr" and then go back to the retirement section and reenter the information:

 

  1. Open or continue your return in TurboTax.
  2. In the left menu, select "Tax Tools" and then "Tools".
  3. In the pop-up window Tool Center, select "Delete a form".
  4. Select "Delete" next to "Form 8915-F" and "Qualified 2020 Disaster Retirement Distr" and follow the instructions.
  5. Click on the "Search" on the top and type “1099-R”  
  6. Click on “Jump to 1099-R” 
  7. If you do not have any 2022 1099-R answer "No" to "Did you get a 1099-R in 2022?" (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)
  8. Answer "Yes" to the "Have you ever taken a disaster distribution before 2022?" screen
  9. Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
  10. Check the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and enter your information.