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?

[Lulus]

Do you know if turbo tax has being updated about the third part of the cares act for 401k, etc?

[hateEffingtax]

just checked my turbotax software and still not updated for cares act yet. i'm using the dvd/cd version and not online.

[DoninGA]

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@hateEffingtax wrote:

just checked my turbotax software and still not updated for cares act yet. i'm using the dvd/cd version and not online.

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Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirements for tax year 2021 is estimated to be available in TurboTax on 03/31/2022

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

[NaSmith]

Yea, its been available from the IRS since 2/2/2022. Where is an actual TT employee to respond? I hope everyone cancels TT and files elsewhere that already has this form built into their software. I just filed with FREETAXUSA.... I've been with TT for 10 years, but FREETAXUSA has had the form built into the software for 2 weeks now. Last year TT imported the form quickly, but this is BS.....  TT already has  class action lawsuit against them for charging people for the free version. This seems like they are trying to make extra money by forcing people to file after their free file deadline, and pay the extra fees when their income changes from this form. You can prepay for the TT fees, but once your income changes, it will change and the TT software will charge you full price.

[heha028]

looks like it was approved 3 days ago.  just waiting on TurboTax to make it available.  Maybe Monday, Feb 28?

[amyhindiana]

Thank you.  If I'm reading correctly, other users have tried doing it this way in this past, and it sounds like they were still charged more when they went back in to adjust their return once the form was available.  Not sure if I should give it a try or not.  Do any TT employees ever answer questions in these chats?

[Zincougt]

We filed our taxes already and are just now realizing this. Will we be able to do an amended return without an additional fee and mail in whatever we owe before April 15?

Also, we paid taxes when we got our distribution and now it seems like we are being taxed on the full amount spread over 3 years and not acknowledging that we have already paid in taxes. Will a TT person be able to help us with this?

[RobertB4444]

@Zincougt  For the 2020 return you were offered the option to take two thirds of the distributions that you received from your retirement accounts (up to $100,000) and put the taxes on that 2/3 off until another year.  

If you took advantage of this deal then all of the taxes that you had withheld on that distribution were used on your 2020 return.  If you enter the amount of the distribution that you are paying taxes on with your 2021 return (it will be 1/3 of the total) there will be no withheld taxes to apply to that amount.  In addition, if you already filed and received a refund then you are correct that you will have to pay taxes on this amount out of that refund.

However, if you filed and did not include the amount that you pushed off from last year the most likely thing is that the IRS will hold your refund and will review your return and find that you owe additional tax and make the adjustment themselves.  So don't do anything about amending your tax return until after you have heard from the IRS or after they have finished processing your return and you have received a refund.

[Zincougt]

Thanks. To clarify, if I withheld the 20% taxes on distribution, I am still obligated to pay additional taxes on the withdrawal over 3 years?

[blazergrn]

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html  Forms availability 3/31?  Why?  What is the hold up?

[elamphear]

Just FYI, I did a live chat with someone at Turbotax and they confirmed the form was scheduled to be available 03/31, potentially earlier, but that was an unknown. I guess we just keep checking the area until it becomes available.

Awfully close to 04/15 for my comfort.. nevermind that my refund is being held up. 

[GeorgeM777]

Yes.  As @RobertB444 indicated, your election to defer the tax on two-thirds of your withdrawal meant that when you file you 2021 tax return you will have to pay the tax you elected to defer based on the amount of the distribution.  Additionally, Form 8915, Qualified Disaster Retirement Plan Distributions and Retirements will be available on March 31, 2022.  

@Zincougt

[maggiemina7264]

It's time for TurboTax to get their act together and load the Form 8915-F asap for its customers who are paying them money and have been paying them money for decades! I asked my brother who is a computer programmer and it doesn't take almost 2 months to get it on, but only 1 or 2 days. It's super frustrating for all TurboTax customers so why not get it done asap? If frustrated, the customers won't use TurboTax next year and will go to other tax filing services and they should know that. I need my refund asap to pay bills and by filing so late, I won't get my refund for many more weeks. This is very frustrating for TurboTax customers. Maybe it's time for TurboTax employees to do little bit of overtime and get it done for its customers who are paying them so they can keep their job.

[fanfare]

"my refund is being held up. "

When Form 8915-F adds one third of the distribution you took last year,

your refund will definitely be smaller and possibly eliminated.

[hockeygoali10]

I've been doing my taxes with TT since I started doing taxes but I'm canceling turbotax and going to another service like you're hoping. Once they add this form my taxes will be submitted in 2 minutes but they say it won't be in the system until 3/31 so I might as well just start my taxes over with another service because it will be much quicker. 

what a joke