8915-F filing for 2024 Tax Year

[hensleywedding2016]

Still no form availability in spite of the 2/27 update going live...

[SHS77JJ]

One of their technical support people walked me through a super patch update on Friday the 28th.  The form was still not available.  Today, I selected the 2023 Disaster option and typed in the 2024 data.  After I printed it, I crossed out the box that had 2023 and checked the 2024 box.  If Turbotax doesn't get the problem fixed, the IRS can deal with the issue, I'm not letting the government keep one penny more than what I owe them.  I'll send in the paper form of my taxes if this update does not drop by the end of March.

[cedavis2nd]

Would you mind saying a bit more about this paper filing option? What sequence did you use to elect a 2024 disaster in 2023?

[SHS77JJ]

On the page where it asks if it's the withdrawal is 2023, 2024 or neither.  When you try to select 2024 it doesn't let you go any further.  I read online that 8915-F will be the same form until 2028 according to the IRS website.  After the turbo tax frustration, I selected 2023 just to see what would happen.  It gave me the next form on which I started putting my data for Hurricane Beryl here in Houston.  I was convinced when I entered the disaster code and dates that it would kick me out of the form.  However, Turbotax allowed me to continue.  I entered all the data and printed the form just to see what was actually entered on the form.  It had 2023 in one box and 2024 in the other box.  I drew a line through the 2023 and used and ink pen to check the 2024 box.  I hope I have confused you.  If Turbotax doesn't get this problem fixed, I'll mail them my return and they can figure out why Turbotax never got this problem resolved.  

[SHS77JJ]

BTW, if you print the form from the IRS website it's the same form that will be in your return.  I'm figuring the only drawback at this point is that I can't send it electronically.

[Joe_mastro]

@SHS77JJ  @cedavis2nd @hensleywedding2016 @rpollock87 @amao 

My update regarding this frustrating exercise trying to get someone associated with Turbo Tax to take the time to understand this simple issue.

The rules governing Qualified Disaster Withdrawal amounts have not changed from the $22,000 limit since 2021. This is why the IRS considers the 8915-F a "Forever Form." There have been no changes. The only issue is that the Turbo Tax application generates an error message when you check the calendar year 2024 box on Line B of the 8915-F (the year the disaster occurred), preventing the return from being electronically filed.

However, it will allow you to check 2024 on Line A and 2023 on Line B.  Therefore, on my 8915-F, I checked the 2023 box but entered all the correct 2024 dates for the disaster declaration and the beginning date of the disaster. The tax treatment calculation is correct.  No error message was generated. And I was able to file my return electronically (it was accepted by the Feds.)

Good luck

[rpollock87]

The issue has been resolved. 

To access the relevant form in TT, go to Federal -> Wages and Income -> Edit your 1099-R, confirm all the information already present and select that it was for a federal disaster distribution. It will then walk you through the 8915-F relevant portions.

[cedavis2nd]

Yes, I also went to the SMART Worksheet on my 1099R, elected the Qualified Disaster box for 2024 and then moved to Form 8915-F and filled out the rest of the requested information (FEMA number, dates, and also the date of the distribution). At that point Turbo Tax assisted in completing the 3 year spread of the IRA distribution, resulting in a tax deduction for 2024.

Thanks Turbo Tax.

[Bambikati]

Nothing yet on my end, you?

[JotikaT2]

Form 8915-F is now available.  I recommend updating your software to ensure all of the latest updates are installed and then trying again.

This can be done by logging into your desktop product.  Select Online in the menu on the top, and then select Check for Updates.

If that does not update your program, you can also manually update your program.

If you are using TurboTax Online, the program should be automatically updated but you can also try clearing your cache.  

[gwayo]

@JotikaT2 The 8915 form appears to still only support 1 disaster declaration. When will support for 2 declarations be available?

[MarilynG1]

To report a second disaster in TurboTax, you'll need to split your 1099-R and make two entries, each totaling the amount on your 1099-R.  This will generate two 8915-F forms, each reporting one disaster.

Unfortunately, TurboTax programming for the interview will most likely not be changed this tax season to allow multiple disasters to be reported on one Form 8915.

@gwayo 

[gwayo]

That does not work. TT desktop does not create a second 8915. I tried it multiple times now. The resolution desk has this issue documented. If possible, I need a way to see when they will push an update without spend hours going through the phone desk process.

@MarilynG1 

[MarilynG1]

I tested this in TurboTax Desktop by entering two 1099-R's (splitting the original 1099-R amount), with a different disaster code for each.

You're correct that the program didn't generate a second 8915; however, studying the 8915 revealed that it added the two 1099-R amounts together on Line 3 of Part I.

So the calculations for tax on one-third of the distribution on Line 13 of Part II are correct.  

The net out is that the tax calculations are correct, even though only one disaster code is shown on 8915.  

Not sure how this would matter in the long run, unless IRS is tracking how many retirement distributions were taken for a certain disaster, and not sure why they would do that.  As long as the distribution is reported, and tax paid appropriately, that would seem to be the extent of their concern.

This is covered in Unsupported Calculations and Situations in the 2024 TurboTax Individual Federal Tax Software Program, item 9.

I doubt that this will be covered in any updates for this tax season, so you'll be able to Efile with Form 8915 reporting the correct distribution/tax amounts, with only one disaster code. 

@gwayo 

[gwayo]

I'm ok with taking this approach if TT is willing to give me the Live Tax Advice advantage offer for free, so that a tax professional can review the implications of not filling out the forms correctly. Please let me know how to get this setup.

@MarilynG1