Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Feb 6, 2022 4:52:27 PM

How do I report my 401k distribution that I took out in 2020 due to COVID. I chose to spread it out over 3 years.

0 5 438
5 Replies
Level 15
Feb 6, 2022 4:57:31 PM

The form for entering the distribution is not available in TurboTax yet. The IRS just released the form a couple of days ago. It is Form 8915-F. It should be available in TurboTax soon, but they have not given a date.


When the form is available you will enter the income in the retirement section. If you did not receive any 1099-R for 2021 you will say that you did not receive a 1099-R. Then it will ask about a 2020 withdrawal that you chose to spread over three years.

 

Level 15
Feb 6, 2022 4:57:38 PM

The ability to enter the payment has not yet been implemented in TurboTax. The IRS has not even released the form for it yet.  Once those forms are implemented you will visit the "Retirement" topic in the "Wages and Income" tab.  If you have Forms 1099-R for TY2021 distributions, you can enter them as usual. 

 

If not, you just select "NO" when asked if you received a 1099-R. 

 

At either point, you will then be asked about prior year "Disaster Distributions."  Follow the prompts from there to enter the second installment of your distribution.  

Level 3
Feb 6, 2022 6:09:43 PM

Thanks for the reply.  I just love how they wait until filing season starts to get all of this done.  I'm ready to file but of course I can't.

Level 3
Mar 21, 2022 9:42:27 PM

Ok, any update on this.  Still can't file using TurboTax.

Expert Alumni
Mar 21, 2022 9:54:05 PM

Here is the updated list of Federal Individual Form Availability. Form 8915-F should be ready for e-file before the end of this week. 

 

@shafer0219