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BusyGuy
Level 1

How do I report the 1/3 allocation from 2020 Corona-virus IRA distribution on Form 8915-E for 2021?

Filed the withdrawal on 8915-E in 2020, and chose 1/3 allocation method.  The 2020 Form 8915-F instructions states I need to use the 2020 Form 8915-E to file. But it is unclear how to enter the amounts and on what lines. Also, Turbotax has a 8915E-T and 8915E-S version. I can't tell what the diffeerence is.
4 Replies
MinhT1
Expert Alumni

How do I report the 1/3 allocation from 2020 Corona-virus IRA distribution on Form 8915-E for 2021?

You will report the second taxable portion of your 2020 coronavirus distribution in the Retirement section under Wages and Income of TurboTax.

 

However, form 8915-F will only be available around March 31, 2022 and you'll need to revisit this section later.

 

Please see this TurboTax Help topic on IRS forms availability dates.

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jlloyd1213
Level 1

How do I report the 1/3 allocation from 2020 Corona-virus IRA distribution on Form 8915-E for 2021?

we are still not able to enter 1/3 of our IRA distributions from 2020 in the 2021 Turbo Tax. Where are we supposed to enter this information? Should we enter the distribution amount from 2020 again as a 1099R distribution and use the taxable amount to claim the 1/3 we want to be taxed on at this time?

DoninGA
Level 15

How do I report the 1/3 allocation from 2020 Corona-virus IRA distribution on Form 8915-E for 2021?

@jlloyd1213 

The Form 8915-F was included in the TurboTax online editions in the early evening of 03/23

The Form 8915-F was included as a software update for All the TurboTax desktop editions on 03/24

 

If you are using the desktop editions, update your software.  Click on Online at the top of the desktop program screen.  Click on Check for Updates.

 

You must go to the Retirement Income section of the program for a Form 1099-R to be able to enter your 2nd year of the 2020 distribution -

Click on Federal

Click on Wages & Income

Scroll down to Retirement Plans and Social Security

On IRA, 401(k), Pension Plan Withdrawals (1099-R), click on the Start or Revisit button

On the screen Did you get a 1099-R in 2021? Click on NO, if you did not receive a 2021 Form 1099-R in 2022

 

Answer Yes when asked Have you ever taken a disaster distribution before 2021?

Answer Yes when asked if you took a Qualified 2020 Disaster Distribution

Check the box that this was a Coronavirus-related distribution reported in 2020

 

In the box 2020 Form 8915-E, line 4, column b - Leave blank or enter a 0

This is not required on a Form 8915-F for a Coronavirus-related distribution

 

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

Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 9

2020 Form 8915E, line 9, if you checked the box on that line, enter 0

2020 Form 8915E Line 9 

 

If the 2020 distribution was from an IRA account

Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 17

2020 Form 8915E, line 17, if you checked the box on that line, enter 0

2020 Form 8915E Line 17 

 

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

 

The 1/3 of the amount from the 2020 distribution will be entered on the 2021 Form 1040 Line 4b if from an IRA or on Line 5b if from a retirement plan other than an IRA

 

After completing the Wages & Income section you will land on a screen Did you take a disaster distribution at any time between 2018 and 2020?

Answer NO since you have already completed the entering the 1/3 of the 2020 distribution.

 

You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

Using the desktop editions click on Forms.  Open the Form 1040

 

NOTE - During Federal Review you may get a notice to check an entry.  Clicking Check Entries takes you to the Check This Entry screen showing a box for entering a FEMA Disaster name.  Put your cursor in the box (click in the box) and then click on the spacebar.  Click on Continue  On the following screen Run Smart Check Again click on Done.

 

The Form 8915-F you completed already has the box for the Coronavirus checked on Item D of the form.

As stated on the Form 8915-F -

If your disaster is the coronavirus, check this box ▶ Don’t list the coronavirus in item C.

jlloyd1213
Level 1

How do I report the 1/3 allocation from 2020 Corona-virus IRA distribution on Form 8915-E for 2021?

Thank you! This was really helpful. When I entered “No” to the question about whether I received a 1099R in 2021, the software kept taking out of that section and back to the main section. I was able to get around that to the question about disaster relief in prior years, so I was able to enter the info needed. Thank you!!

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