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

[DaveF1006]

 It depends.  You do not add the form itself, Turbo Tax will do this for you automatically.

1. Go to federal>wages and income>all income
2. Retirement plans and Social Security>show more 
3. Ira (401K), pension plan Withdrawals(1099R) Start
4. Here you will enter your 1099R.  After you are done with one and reach a summary screen, there will be an opportunity to enter more 1099's.
   1.  Here you will select the first choice 
   2. I took out this money because of a qualified disaster (includes COVID-19)
   3. Scroll through the next few screens until you reach a screen that says is this a withdrawal due to COVID-19 or a Qualified Disaster Distribution?
   4. You will say yes, this was withdrawn due to COVID 19
   5. Next screen says COVID-19 distribution Here you will indicate that all or some was a COVID 19 withdrawal.
   6. Next will ask about your COVID related stuff.  There is a checkbox that you must answer saying that you were financially impacted by COVID 19. This will waive the early withdrawal penalty.
   7. Then it asks if you repaid the distribution, you can say no unless you did.
   8. Then it asks if you want to pay the tax all the tax this year. leave the check box blank and continue.
   9. This will generate a 8915-E and will spread your taxable amount over a three-year period automatically.

[cvdandrea]

Thank you for the response- probably works for you on the desktop version but I am using Turbotax Self-Employed Online, so the menus and navigation don't match with my screen.

I may have succeeded but only by changing the Distribution code to T.  (that may cause me problems later because now the Distribution Code doesn't match the 1099-R on file) The way this Online version works, it is hard to tell if form 8915-E is generated or not.

When it asks "has any of this distribution been repaid"? do they mean within the calendar year 2020 or up to April 15, 2021?

[DawnC]

You can include payments you repay through 04/15/21, which is the due date of your return as paid back in 2020.   You can view your tax return and tax summary in TurboTax Online to ensure the amounts have been reported correctly.   The preview only shows Form 1040 and Schedules 1-3.  But you can save a PDF copy to view the 8915-E also to make sure that has been reported correctly.  

[DrMarcJ22]

I purchased the turbotax deluxe product.  In the retirement plans section, I imported my 1099R forms directly from my 401K managing firm. When I click continue, the next page only asks me about disaster withdrawals for previous years prior to 2020.  There is nowhere that I can see COVID19 mentioned for the tax year 2020.  I've checked and my version is the latest.  Where do I go for form 8915E?

[DawnC]

Try editing the 1099-R form you have entered to see if you can get the covid questions to show up - they come during the 1099-R entry and the previous years' disaster questions come up after the entry.   If you still don't get the questions, you will need to delete the 1099-Rs and manually enter them so you get the questions.    But editing the forms will generally trigger the questions.    Search 1099-r to be taken to a list of your forms and then click on EDIT next to the form instead of the continue button at the bottom.      @DrMarcJ22

[LeslieStrother]

When we put in a Covid distribution last year, we spread the taxable income over 3 years. Since this will be the 2nd year claiming a 1/3 of that income, how do we input that income on TurboTax? 

[macuser_22]

---

@LeslieStrother  wrote:

When we put in a Covid distribution last year, we spread the taxable income over 3 years. Since this will be the 2nd year claiming a 1/3 of that income, how do we input that income on TurboTax? 

---

By going to the 1099-R interview even if you do not have a 1099-R.  TurboTax will ask if if you had a disaster distribution.   The new IRS form for 2021 is the 8915-F which is still in the draft state at the IRS and probably will not be  released until March.

[kmcmillan]

I also need to repay the 2nd portion from early withdrawal... But when I click on "early withdrawal" it says I don't need that bc I didn't take money out in 2021... There's no place or link to the 8915 or place to get this done on my TT app. 

[LeslieStrother]

I am still stuck here as well. I haven’t figured out a solution yet but if I do, I will definitely post it!!

[macuser_22]

---

@kmcmillan wrote:

I also need to repay the 2nd portion from early withdrawal... But when I click on "early withdrawal" it says I don't need that bc I didn't take money out in 2021... There's no place or link to the 8915 or place to get this done on my TT app. 

---

See my post above yours for the answer.

[VSmp]

ok just to clarify, currently (02/02/2022) there is no correct way to enter this into TurboTax, and we should wait until the IRS releases the updated form and TurboTax adds it to the system, correct?

[DaveF1006]

Yes.  To clarify, you will need to wait until IRS releases form 8915-E before you can enter this into Turbo Tax. 

[kmcmillan]

Any idea of when that will be? 

[DaveF1006]

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

@kmcmillan

[ Edited 02/02/22|04:01 PM PST]