help!! filling out form 8915-F

Forum|Forum|3 years ago
March 29, 2023
1 reply
0 views

I took an early distribution from my 401K due to COVID-19 on October 2020, total was $25,500. I chose to spread the distribution over 3 years. $8,500 per year. This is the last year and when i put the last 8,500 and choosing the corona virus check box, my federal return amount drops more than $2,200. It seems that the software is applying the 10% early penalty plus the 10% federal tax rate. I’ve tried deleting it and re-doing it over again, still no joy. :(. Last year i had no issues at all. I tried to contact turbo tax customer service support but no help. Anybody is having the same issue?

BrittanyS

Level 12

Here are the steps to enter your distributions to have them distributed over the 3 years:

Open or continue your return in TurboTax.
In the left menu, select "Tax Tools"
Click "Tools".
In the pop-up window Tool Center, select "Delete a form".
Select "Delete" next to "Form 8915-F" and "Qualified 2020 Disaster Retirement Distr" and follow the instructions.
Click on the "Search" on the top and type “1099-R”
Click on “Jump to 1099-R”
If you do not have any 2022 1099-R answer "No" to "Did you get a 1099-R in 2022?" (If you have any other 1099-R then enter all 1099-R and after entering your last 1099-R click "Continue" on the “Review your 1099-R info” screen)
Answer "Yes" to the "Have you ever taken a disaster distribution before 2022?" screen
Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
Check the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and enter your information.

@joeldiaz24

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

joeldiaz24Author

Level 2

Thanks for your reply. I tried it step by step and it keeps doing the same thing, it’s taking 20% out of my refund instead of 10%. Is there anything else i could do? I’ve talked to multiple tax experts and they can’t figure it out. :(.

DanaB27

Level 15

Please be aware, that the 3rd portion is taxed according to your tax bracket and not just 10%.

Did you receive a retirement distribution in 2022 and have any 2022 Form 1099-R entered? Did you get a warning about the 10% penalty during the interview?

@joeldiaz24

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"