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Returning Member
posted Mar 26, 2022 9:01:10 AM

I reported 24k cares act disaster distribution in 2020 with tax 3yr repayment. This year TT calculated my payment to be 1/3 of 24k to be 16k. Doesn't seem correct. Is it?

Reporting second year of 2020 Cares Act 1099-R.  Is TT calculation correct?  Seems to me 1/3 of 24 is 8/year for 3 years, no?

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1 Replies
Expert Alumni
Mar 26, 2022 9:32:48 AM

Yes, if you spread it over 3 years then it should be $8,000. Please verify that you have the box checked next to "If this was a Coronavirus-related distribution reported in 2020 check here". Then make sure you enter the amount from Form 8915-E, line 9 twice (if it was not from an IRA) or enter the amount from Form 8915-E, line 17 twice (if it was from an IRA). The amount on line 9 or 17 should be $8,000 if your Form 8915-E was filed correctly.

 

Please review your entries:

 

  1. Click on the "Search" on the top and type “1099-R”  
  2. Click on “Jump to 1099-R” 
  3. If you do not have any 2021 1099-R answer "No" to "Did you get a 1099-R in 2021?" (If you have any other 1099-R then enter all 1099-R and after entering your last 1099-R click "Continue" on the “Review your 1099-R info​​​​​​​” screen)
  4. Answer "Yes" to the "Have you ever taken a disaster distribution before 2021?" screen
  5. Follow the instructions on the screen