Cares Act Covid-19 distribution from 401k 2020 broken up over 3 years (2020, 2021, 2022) Did not receive a new 1099-R for 2021. Turbo tax doesn't ask for info for this?

[dmenard66]

I filed taxes with Turbo Tax for 2020, Now for 2021 turbo tax is not asking for any information f for the Cares Act Covid-19  401K retirement distribution that I opted to break up over 3 yrs??  Anyone have an answer on how to file my second yr increment? It's the only thing holding me up from filing.

[DoninGA]

You will report this in the Retirement Plans and Social Security section under Wages & Income.  However, the Form 8915-F has not been finalized by the IRS for including in a 2021 tax return so the questions are not being asked until the form is available.  There is no estimate from the IRS when this form will be available, but guessing sometime in March 2022.

[TCABarry]

Is there a way to be notified when this becomes available?

[DoninGA]

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@TCABarry wrote:

Is there a way to be notified when this becomes available?

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No, not at this time.  Until the IRS finalizes the form and instructions the form will not be included in the TurboTax list of forms and schedules available.

[TCABarry]

One more question... I'm seeing in other posts this won't be supported in the online version of turbo tax and in other areas people are saying it will be only available in the deluxe package. 

Once the form is finalized will it be supported via online/e-file.

[DoninGA]

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@TCABarry wrote:

One more question... I'm seeing in other posts this won't be supported in the online version of turbo tax and in other areas people are saying it will be only available in the deluxe package. 

Once the form is finalized will it be supported via online/e-file.

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This is only my assumption - It should be available in both the TurboTax online and desktop editions since the 2020 Form 8915-E was included in those 2020 editions.  It will not be in the TurboTax Free online edition.

[TCABarry]

It looks like the form was finalized on 2/2. However I don't see a target date for TurboTax yet. 

[Cynthiad66]

@TCABarry

It seems this form is still unavailable.   However, TurboTax will complete and include Form 8915-F with your return if you qualify. Just enter your Form 1099-R and answer a few questions to determine your eligibility.

The IRS completed a draft mode of the Instructions for Form 8915-F in January 2022.

Please read this helpful TurboTax FAQ for additional information: What is Form 8915-F What is Form 8915-F Qualified 2021 Disaster Retirement Plan Distributions and Repayments?

Similar 8915 forms are tentatively available 3/17/22.

[TCABarry]

I rather hold off until 8915-F is available so I don't have to pay back from my refund. According to the IRS website, 8915-F was finalized on 2/2. 

[DaveF1006]

I just received an update.  It is out of the IRS draft stage now, Turbo Tax needs to incorporate it into the software because it isn't available just yet. As of now, we don't have an update for the form but development team is working diligently to make this available as soon as possible.

[clover716]

Do we use the 1099-R from last year? Or should we be getting a new form if we chose to distribute the amount over 3 years?  Thanks 

[JulieS]

No, you won't be getting another 1099-R this year for last year's distribution. You need Form 8915-F, but it is not in the program yet.

It may take longer for one form or another to show up in TurboTax for multiple reasons. Our goal is to provide you with the most accurate information possible. As part of this process, we communicate often with the taxing agencies.

Once it is available, you will start in the section for 1099-R. Answer the first question No. The questions you need will come up right after that. 
 

[JMJ1338]

So just to be clear, I entered a standalone 1099 R in turbo tax this year and listed 1/3 of my distribution, was that incorrect? Should I delete that? I am confused on how to report this.

[DoninGA]

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@JMJ1338 wrote:

So just to be clear, I entered a standalone 1099 R in turbo tax this year and listed 1/3 of my distribution, was that incorrect? Should I delete that? I am confused on how to report this.

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If you did not have a distribution from your retirement plan in 2021 then you would not have received a Form 1099-R from the plan administrator.  Delete the Form 1099-R you created.

When the IRS Form 8915-F is available in TurboTax the questions for 1/3 of the 2020 distribution will be asked in the Retirement Income section of the program.

[JMJ1338]

Perfect thank you for explaining that