How do I add form 8915E for a Covid-related Roth-IRA retirement distribution and repayment? Using TT Online Self-employed.

[macuser_22]

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@DaveF1006 wrote:

No.  To clarify, at this time, there is no release date for form 8915-E, which is used to report the repayments.

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@DaveF1006 for 2021 it is the 8915-F form that is in the Draft stage at the IRS.   The 8915-E was for 2020 only.

The draft forms can be viewed here:
https://www.irs.gov/pub/irs-dft/f8915f--dft.pdf
https://www.irs.gov/pub/irs-dft/i8915f--dft.pdf

[NaSmith]

The official form is published and no longer a draft, when will turbotax update their software to reflect this??? It was released on 2/2/2022.... Get your stuff together and get some employees working on this. Its the last thing I need to finish filing!

https://www.irs.gov/pub/irs-pdf/f8915f.pdf

[macuser_22]

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@NaSmith wrote:

The official form is published and no longer a draft, when will turbotax update their software to reflect this??? It was released on 2/2/2022.... Get your stuff together and get some employees working on this. Its the last thing I need to finish filing!

https://www.irs.gov/pub/irs-pdf/f8915f.pdf

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It is scheduled for the 3/31 update.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...

[kmcmillan]

Dave, now that the final has been released, how long will it take TT to upload it? 

[macuser_22]

The form is scheduled for the 3/31 update.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[kmcmillan]

Not until 3/31???? What?? Ok, does anyone know of another tax company who has this file uploaded so I can get my taxes done? I do not want to wait until April to do them. That's crazy for it to take a month an a half to upload a document that's already available.

[NaSmith]

Agreed 100%, after 10 years of using Turbotax, I will be looking elsewhere if this is the case! As a software dev, If I don't push updates in my field within 24 hours, I would be reprimanded. 3/31 is asinine!

[kmcmillan]

I'd like to hear from a TT employee if that date is correct. Can a TT expert confirm or deny the 3/31 date?? Otherwise, I'd love to know other online tax services that have this form uploaded already? 

[kmcmillan]

Last year, the form was finalized and released by the IRS on 2/11 and TT had it available and uploaded by 2/24. So, since it was released by the IRS on 2/2 of this year, then it seems to me that it would be uploaded to TT by 2/15 or 16. Just based on it taking them 13 days last year to get it together... Why would it take almost 2 months this year to have it available? I'm begging a TT expert to inform us! 

[kmcmillan]

Soo.... I just filed my taxes with FreeTaxUSA and was super easy and super cheap! They already have the 8915 F form programmed into their software and is was a seamless process! I've been with TurboTax for the past 10 years but couldn't wait on them to upload needed forms until March 31st. I'm so relieved to have this done and not weighing on my shoulders! I definitely recommend FreeTaxUSA! I wish I could have stayed with TurboTax but their experts have differing opinions/ advice/dates or just flat out incorrect info. Not to mention that it only cost me $6.99 to file! And the IRS has already accepted. Done deal! You guys should make the switch- you'll be glad to have it done! 

[NaSmith]

That's great, I am giving TT until the end of next week EOD 2/18/2022 only because I have an LLC to file for as well which I plan to file at the same time as my personal taxes. After that I'm going elsewhere for good. This is unacceptable from TT when the IRS has published form 8915 F on  2/2/2022 and they are claiming 3/31/2022 to have the E-File ready in their software.... I hope others cancel TT for this as well!

[thanh7677]

hi 

can you tell me how to submit 2nd payment for 2022 , reporting cares act withdraw , making a 2nd payment 

[NaSmith]

They aren't adding it to the software until 3/31..... Great job TT! 

[Shauna_T]

What dollar amount do I use on the 1099R? The original amount or the 1/3 amount? 

[DianeW777]

Review the steps and see the images below. The following steps should be used to enter your COVID qualifying distribution.  Do Not enter a FEMA code because this doesn't have one. You must have your Form 8915-E from your 2020 tax return.

1. Wages & Income > Retirement Plans and Social Security > 
2. IRA, 401(k), Pension Plan Withdrawals (1099-R) >  Start, Revisit or Update > Continue
3. Answer Yes  'Have you ever taken a disaster distribution before 2021?
4. Answer Yes, You had a 2020 Qualified Disaster Distribution
5. Complete the Information using your 2020 Tax return > Continue  (use either section but not both (Pension or IRA depending on your situation)
6. Enter any amount you may have  repaid in 2021, if applicable
7. Finish the entry for your spouse if applicable or just click Continue
8. Complete any additional retirement questions as you move through this section
9. Continue until you have finished and returned back to the Wages & Income Screen.
10. Do NOT stop and change sections without completing it.

If the 2020 distribution was from an account that was Not an IRA

• 2020 Form 8915E Line 9 - Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 9

If the 2020 distribution was from an IRA account

• 2020 Form 8915E Line 17 -  Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 17

Do not enter anything in the other boxes, leave them blank (empty)

@Shauna_T