form 8915-E

Forum|Forum|5 years ago
February 25, 2021
1 reply
5 views

When entering my 1099, I am not asked questions related to COVID even though i checked that I took the money out due to covid related issues. Then when I get to the end the message reads "

We Were Unable to Lower Your Tax Bill"

Since you didn't use the money for a special situation that qualifies, we couldn't help you reduce the amount of extra tax you have to pay.

Based on your entries so far, your extra tax bill is $___, or 10% (25% for a Simple IRA) of the money you took out. This number may change as you add more info to your return.

I'm using Turbotax online. I deleted the 1099 and reentered it but i'm not being asked the covid related questions

TurboTax Deluxe Online

sls50211

Level 9

I would delete the 1099R and re-enter. Make sure the you enter the 1099R manually and do not import. Is this a Roth distribution? Review box 7 on your 1099R. The 8915-E will be used for penalty relief from early retirement plan distributions and include the option to spread the distribution income over 3 years. This may be a good option if the distribution is pushing you into a higher marginal tax bracket. You may end up paying less tax if you spread the distribution over the 3 years. After you have logged in and are in your return in TurboTax Online:

Go to Search at the top of the screen.
Enter Form 1099-R in the search box.
You will see a Jump To function that will take you to the 1099-R input screens.
There delete the 1099R in question by clicking on the trash can next to the form
Then add a new 1099R and manually enter your 1099R.

At the financial services screens, click "Change how I enter my form" then "Type it myself"

At the Uncommon Situations screen be sure to check the Covid distribution box.

tikataxslayer91Author

Level 2

I did delete and re enter. I checked the box "I took the money out for a qualified disaster" but after that i am not being asked the 8915-E based questions and is still being penalized. and not asking to spread the amount over 3 years