I filed 8915-e last year for my 1099-r covid related 401k early distribution

[adamcvroman]

Do I need to input my 1099-r from 2020 again this year? Also, if I want to pay the remaining 2/3 so I don't have to do this again next year what exactly do I need to do?

[macuser_22 · Accepted solution]

Reporting the 2021 CARES act retirement plan distribution for 2020 that gave you 3 years to repay it back to the plan will be part of the 1099-R interview. If you do not have a 2021 1099-R it will ask if you have a 2021 1099-R, if you answer no it will ask if you have 1099-R income - say no and it will then ask if you had a disaster distribution from 2017-2020 - say yes. Currently it will say that the form is not ready yet - check back later.

This will be reported on a new 8915-F form that is still in the draft state at the IRS. Once the IRS finalizes that form the IRS must then write the e-file specifications (schema) for TurboTax (and all other e-file providers) to program from. That usually takes 2-3 weeks after the paper form is finalized.

The new form is expected sometime in March.

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

[Katya49]

Any updates on Form 8915-F? 

[ColeenD3]

No, there is no update. It is still in draft form at the IRS.

@Katya49

[Herminia21]

Any updates on Form 8915-F being available in Turbo Tax, since it’s no longer a draft? 

[DoninGA]

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@Herminia21 wrote:

Any updates on Form 8915-F being available in Turbo Tax, since it’s no longer a draft? 

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The Form 8915-F instructions have not been finalized by the IRS, they are still in draft mode.  This is a extremely complex form and programing to accommodate the form will take awhile - https://www.irs.gov/pub/irs-dft/i8915f--dft.pdf

Until both the IRS Form 8915-F and the Form 8915-F Instructions have been finalized by the IRS there is nothing that TurboTax can do concerning the form being available in the TurboTax software.

The 8915-F form has not yet been included in the TurboTax list of IRS Forms availability so no date has been issued when it will be available in TurboTax - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[macuser_22]

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@Herminia21 wrote:

Any updates on Form 8915-F being available in Turbo Tax, since it’s no longer a draft? 

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The IRS still must write the efile specifications (schema) and program the IRS computers to accept that form *if* it is to be e-fileable - it might be mail file only since it is a little used form.

[creale4701]

Saw on You Tube form was available any idea when it will be ready for upload on turbo tax

[FangxiaL]

This year Form 8915-F is replacing Form 8915-E we used last year.

Form 8915-F won't be e-file ready until 3/31/2022. To report the second 1/3 of the distribution in 2020, we will have to wait till 3/31/2022.

@creale4701

[Edited on 3/1/2022| 2:10 PM, PST]

[fanfare]

@adamcvroman 

you cannot speed up your settlement of the tax.

You must pay one third this year under 2021 tax rates and the final third next year under 2022 tax rates.

[pricejc]

I have a few questions:

* Will there be a way to report how much has been paid back from 2021 with the new form? 

Example (made up numbers easily divided by 3):  I took $18,000 under Covid CARES.  This means in 2020, my 8915-E form said $18,000 distribution with $6,000 taxable, and I paid back $0.  I paid back $5,000 for 2021. 

* Will it report as $6,000 taxable and $5,000 paid back - so $1,000 is then taxable?  Or do we do the math and denote the paid back and just report $1,000 taxable?

* Since I will still owe $13,000 in 2022, when reporting this for 2022, how does it work if what you paid back is more than what is taxable (I have all intention of paying back in full)?

[DianeW777]

Yes. Your questions and answers are answered here.

* Will there be a way to report how much has been paid back from 2021 with the new form? 

Great news! TurboTax will ask the questions necessary for you to complete the amount paid back.

The IRS created new Form 8915-F to replace Form 8915-E.  This form will be used for anyone who chose to take a distribution from their retirement and spread the taxable amount over three years.

It was recently (approximately 10 days ago) taken out of draft and finalized.  TurboTax has an available date of March 31, 2022.  Continue to check the availability date by using the link provided.

• When will federal forms be available?
• What is Form 8915-F?

When entering your 1099-R in TurboTax CD/Download, you’ll be asked Was this withdraw due to Covid-19? On the next screen, it should ask you Did you test positive for the coronavirus in 2020? However, some users are reporting they aren’t being asked that second question.

We’re working to resolve this issue. If you’d like to receive progress status updates, sign up here.

* Since I will still owe $13,000 in 2022, when reporting this for 2022, how does it work if what you paid back is more than what is taxable (I have all intention of paying back in full)?

In general, yes, you may repay all or part of the amount of a coronavirus-related distribution to an eligible retirement plan, provided that you complete the repayment within three years after the date that the distribution was received.

If you repay a coronavirus-related distribution, the distribution will be treated as though it were repaid in a direct trustee-to-trustee transfer so that you do not owe federal income tax on the distribution.

If, for example, you receive a coronavirus-related distribution in 2020, you choose to include the distribution amount in income over a 3-year period (2020, 2021, and 2022), and you choose to repay the full amount to an eligible retirement plan in 2022, you may file amended federal income tax returns for 2020 and 2021 to claim a refund of the tax attributable to the amount of the distribution that you included in income for those years, and you will not be required to include any amount in income in 2022. See sections 4.D, 4.E, and 4.F of Notice 2005-92 for additional examples.

• IRS FAQs-Coronavirus Related Relief for Retirement Plans and IRAs (Repayment Information)