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nguy1656-gmail-c
Level 2

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

 
21 Replies
MinhT1
Expert Alumni

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

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

 

However, this section is not yet ready as the IRS has not yet issued instructions for form 8915-F and you'll need to revisit this section later.

 

Please read this TurboTax Help topic on form 8915-F.

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nguy1656-gmail-c
Level 2

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Thanks. Do you know when it will be ready?

MinhT1
Expert Alumni

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

At this time, we have no information as to when the IRS will release the final form 8915-F.

 

It is still in draft form as of February 2 on the IRS website.

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IWix
Level 3

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Thank you for asking this question. I ran up against this same thing, trying to work through my taxes.   Have booked marked this item, hoping to get an update as soon as TurboTax has one.

 

DanaB27
Expert Alumni

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Yes, please check back for updates.

 

Once the IRS releases the final instructions and form and TurboTax has updated please use these steps to get the disaster distribution questions in the retirement section:

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. 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)
  5. Answer "Yes" to the "Have you ever taken a disaster distribution before 2021?" screen

 

@IWix 

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agochic
New Member

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

any updates on this it looks as though it's still in a draft state. 

AkinaLO
Intuit Alumni

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Here's the link to the IRS website. Please look for the latest update there.

IRS Form 8915-F

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nguy1656-gmail-c
Level 2

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

When will TurboTax update so we can file the tax?

MarilynG1
Expert Alumni

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Form 8915-F for reporting your second distribution of your Covid-related distribution from 2020 will be available by 03/31/2022.

 

Click this link for a listing of Federal Tax Form Availability.

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nguy1656
Returning Member

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Why does it take so long? Federal tax due date is April 15, but the form will be available on 3/31/2022? That means a lot people can’t file tax now. Correct?

nguy1656-gmail-c
Level 2

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Does TurboTax have an update on this?

DoninGA
Level 15

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?


@nguy1656-gmail-c wrote:

Does TurboTax have an update on this?


Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirements is scheduled to be available in TurboTax on 03/24/2022 to report the 2nd year of the 2020 distribution.

mehdi_mirza
New Member

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Has this form been released and what are the instructions for filing it.

DanaB27
Expert Alumni

I took 401k early withdrawal due to Covid in 2020 and filed tax and chose 3 years payments. How do I file the 2nd payment in 2021 tax return?

Yes, Form 8915-F has been released. Please follow these steps to get to the questions:

 

  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 screens.

 

@mehdi_mirza 

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