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Level 3

Question

Form 8915-E

Forum|Forum|5 years ago
February 15, 2021
12 replies
22 views

Is form 8915-E available? If so, is it already included in the turbo tax system? If not, when will it become available?

DanaB27

Level 15

No, Form 8915-E is not available yet.

Please sign up here to get notified when Form 8915-E, that reports the Coronavirus-related relief measures for retirement plan distributions, is ready and for additional information.

Once the Form 8915-E is live please follow these steps to enter your 1099-R:

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R” and you should see the “Your 1099-R Entries” screen
Click "edit" and continue until "Tell us if any of these uncommon situations apply" screen
Select "I took out this money because of a qualified disaster (includes COVID-19)" (TurboTax will walk you through questions once this section is ready)

Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.

You qualify if:

You, your spouse, or your dependent are diagnosed with COVID-19
You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off or having work hours reduced because of COVID-19
You’re unable to work due to child care closure or hour reduction because of Covid-19
You experience adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to SARS-CoV-2 or COVID-19.

You can choose to have the distribution taxed over 2020, 2021, and 2022 instead of only in 2020. You’ll have three years to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions. If you pay back the amount within that time, you’ll be able to claim a refund on those taxes paid when you file an amended tax return. Please see IRS Coronavirus-related relief for retirement plans and IRAs for more details.

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BigRedNole

Level 2

The IRS site states software tax companies can use alternate form for electronic filing. From the 8915-E page from the IRS, they state "Alternative Filing Method for E-filed Returns That Include Form 8915-E"

Is TurboTax going to do this?

sls50211

Level 9

The form will be ready soon. Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which is used for COVID-related early distributions, will be e-fileable starting 2/24. The IRS is updating form 5329’s instructions to make it clear that COVID related exceptions cannot use 5329 and should use the new 8915-E.

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020 taxes.

idakeir

Level 2

The form and instructions are available on the IRS site but the programming has not yet been finalized in the TurboTax software. This should be completed soon and it is expected to be available in TurboTax on or before 2/24/2021. Here's the IRS page: https://www.irs.gov/forms-pubs/about-form-8915-e

kellyleecurry

Level 2

Why are we STILL waiting?

Manzee26

Level 2

I have been with turbo tax for 10 years and just filed with free tax usa because they have the proper 8915-e form to efile. Also with turbo tax I have always paid anywhere from $40 to $80 with free tax usa i paid not a dime! Sorry turbo tax you just lost a customer. Good luck everyone

Stoney09

Level 5

I seen freetaxusa has it available already I want to use them, but I'm fearful it will delay my return for identity purposes because of the switch after so many years!

KathrynG3

Level 14

Form 8915-E will be ready very soon using TurboTax. It is useful to stay with the same software year over year. TurboTax will carry your AGI from the prior year to the current year, for example, and you are familiar with how the program works.

You can count on TurboTax to follow the IRS guidelines for all forms.

Form 8915-E was only recently approved for electronically filed returns. Our engineers are working hard on updating the program to accommodate the changes and are expected to have the update ready by February 25, 2021, as of this writing.

For more information, see; What is Form 8915-E Qualified 2020 Disaster Retirement Plan Distributions and Repayments?

Until the program is updated, if you wish to proceed, you would have to paper file. The IRS takes at least 6-8 weeks to process a paper filed return and 2-3 weeks to process an electronically filed return.

To paper file your return, see these links:

charlesN001

Level 2

I have almost all my return info entered in Turbo tax. Just missing form 8915-E. I now have to wait until the update is ready but want to make sure when this happens I can simply log back in, attach this form, and submit my return correct?

DanaB27

Level 15

Yes, once Form 8915-E is ready you will just log in and follow these steps to finish your return:

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R” you should see the “Your 1099-R Entries” screen and will click "edit"
Continue until "Tell us if any of these uncommon situations apply" screen
Select "I took out this money because of a qualified disaster (includes COVID-19)"
Answer the any question.

@charlesN001

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Apalma123

Level 2

Thank you. Kept me posted when the form arrives so I can submit my taxes. If possible can you email me at —[email address removed] ?

Thank you,

Antonieta Palma

DianeW777

Level 15

I am unable to do that for you, but if you sign up you will be emailed automatically.

Sign up for email notification for Form 8915-E as soon as it's available by clicking this link. Click on 'Please sign up'.

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benihana740

Level 3

Form 8915-E is available in the online version, but it does not let you make the income tax payments ratably for Covid-related Roth withdrawals. It says I reported $0 as a Covid-19 withdrawal when on the previous question I responded that ALL of it was due to Covid. If I check the box "pay tax on entire. . . ," it still shows $0 at the top, but it calculates the correct amount of tax, with no penalty, for the entire amount.

Hopefully, they get the issue with 1/3 payments squared away or I will have to use another software to do my taxes.

DoninGA

Level 15

@benihana740 wrote:

Form 8915-E is available in the online version, but it does not let you make the income tax payments ratably for Covid-related Roth withdrawals. It says I reported $0 as a Covid-19 withdrawal when on the previous question I responded that ALL of it was due to Covid. If I check the box "pay tax on entire. . . ," it still shows $0 at the top, but it calculates the correct amount of tax, with no penalty, for the entire amount.

Hopefully, they get the issue with 1/3 payments squared away or I will have to use another software to do my taxes.

I just went through this process using the TurboTax online editions and it worked as required by the Form 8915-E for a covid related withdrawal.

Suggest that you delete the Form 1099-R that you entered and re-enter manually.

benihana740

Level 3

Thank you for your response.

Still no luck. I inputted everything manually according to the form. The amount shown is $0

FYI, I am using the online premier version..

judknar

Level 2

You say the 8915-e form is not finalized so not yet available, but I know several people who have had their taxes done online using the 8915-e form. How can other tax services have this and turbo tax does not? Thank you

DawnC

Level 15

Form 8915-E is finalized, but it is not up updated and added to the TurboTax Desktop products, yet. It is already available to use in TurboTax Online, but it is not scheduled to be in the desktop version until 02/26. Use that link to get an email when the program gets updated, which will probably be overnight. @judknar

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Jedi4380

Level 4

Ran the update this morning (TurboTax Premier for Mac), there were form updates and a software update, but still no Form 8915-E. Hopefully it shows up at some point today.

kenrlutz

Level 2

when is it ready

huamapu

Level 4

anyone know when the error will be fixed when TT says "Retirement Exclusion Worksheet, line 6, Total Exclusion" "we're still working on updates"? Waiting on only this part to efile my Hawaii taxes.

Come on TT, do you guys have an answer?

ajd878787

Level 5

They have no clue. I haven’t heard about NY taxes either.

jbringuel

Level 2

The form is available in TurboTax but It is not available to every situation. Especially not those situations that are involved with the Care act. I know that's what it was supposed to be but it doesn't work. The only way it works is if you're under 59 and took out an early withdrawal. Anyone that took out a withdrawal and replace the redrawal right afterwards it tells you you are not eligible to do what you want to do and that is get your tax money back.

DoninGA

Level 15

@jbringuel wrote:

The form is available in TurboTax but It is not available to every situation. Especially not those situations that are involved with the Care act. I know that's what it was supposed to be but it doesn't work. The only way it works is if you're under 59 and took out an early withdrawal. Anyone that took out a withdrawal and replace the redrawal right afterwards it tells you you are not eligible to do what you want to do and that is get your tax money back.

All the Federal taxes withheld on the form 1099-R are entered on the Federal tax return as tax payment. If the total tax payments on the 2020 federal tax return are greater than the total tax liabilities then you will receive a tax refund for the overpayment.

If all the withdrawal was paid back in 2020 then the withdrawal is not entered on the federal tax return as taxable income, lines 4b or 5b of Form 1040.

Tommy70

Level 2

Why is it that it works for the federal part..ie I get tax money back because of over payment and will let me file federal..but it doesn't work for state (michigan)?

Stoney09

Level 5

So I spread the payments out for three years how do I report that this year, is TurboTax ready for the form for 2022 yet?

DoninGA

Level 15

@Stoney09 wrote:

So I spread the payments out for three years how do I report that this year, is TurboTax ready for the form for 2022 yet?

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.