I took a withdrawal from 401 k using the covid provisions to pay off a loan i had on my 401k to essentially get rid of the loan payment. anything special i should report?

[AmyC]

@taiiat  Since you had federal tax withheld, that will increase this year's refund while the next two years with 1/3 of the income will not have that tax withheld. Be sure to withhold extra to cover that moving forward.

[moneyguy]

As it is now 2022 and I'm getting ready to file 2021 taxes, does anyone have an idea when the function to continue the 3 year split taxes for the CARES act related withdrawal from 2020?  I see the question in Turbo Tax premier online to specify whether I took a disaster related withdrawal in 2020, but it just says "come back later, not ready for this release"....  Would love to be able to calculate my taxes owed/due sooner than later.

[macuser_22]

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@moneyguy wrote:

As it is now 2022 and I'm getting ready to file 2021 taxes, does anyone have an idea when the function to continue the 3 year split taxes for the CARES act related withdrawal from 2020?  I see the question in Turbo Tax premier online to specify whether I took a disaster related withdrawal in 2020, but it just says "come back later, not ready for this release"....  Would love to be able to calculate my taxes owed/due sooner than later.

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That is the correct place.   The IRS has not released the new 8915-F form for 2021 yet to report that - probably sometime in March.

You can view the draft form here:

https://www.irs.gov/pub/irs-dft/i8915f--dft.pdf

https://www.irs.gov/pub/irs-dft/f8915f--dft.pdf

[fanfare]

what ever your marginal tax rate is on one extra dollar of income, that's what you will pay.

If you are in the 24% tax bracket, multiply 1 third by 0.24.

[Cdickey6]

I pulled some of my retirement and split it up into three years as well and last year was my first year of splitting it into thirds. What do I do differently this year for my second out of the final three years? Do I get a new 1099 form? 

[macuser_22]

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@Cdickey6 wrote:

I pulled some of my retirement and split it up into three years as well and last year was my first year of splitting it into thirds. What do I do differently this year for my second out of the final three years? Do I get a new 1099 form? 

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No you do not.   You enter it in the 1099-R section on the new 8915-F form. 

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.

Most likely he new form will be available sometime in March - well before the April 18 filing date.

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

[Lisawhome]

I thought splitting into three years is for just taxes purposes not paying back if it was Covid related relief 

[Cdickey6]

Yes just for tax’s purposes I was just curious on if I get sent out a new form this year since I paid a one third of the taxes last year.

[macuser_22]

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@Lisawhome  wrote:

I thought splitting into three years is for just taxes purposes not paying back if it was Covid related relief 

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You could either pay it back over 3 years or opay the tax in 3 equal parts over three years.  Either way you need the 8915-F form to do that.

[Cdickey6]

does that form come in the mail then the 8915? I obviously can’t do it on turbo tax yet. Do I still fill out my 1099 form from last year?

[macuser_22]

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@Cdickey6 wrote:

does that form come in the mail then the 8915? I obviously can’t do it on turbo tax yet. Do I still fill out my 1099 form from last year?

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You do not get anything sent to you in the mail. 

Reporting the 2021 CARES act retirement plan distribution for 2020 that gave you 3 years to repay it back to the plan or pay the tax over three years 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.

Most likely he new form will be available sometime in March - well before the April 18 filing date.

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

[Cdickey6]

Thank you for your help!! 

[Airam0912]

Hi I reported a distribution in 2020 due to covid and chose to spread the tax over 3 years. This year is 2nd year. Turbo tax is not populating the area for me to enter the taxable income. How do i enter it so that it populates the correct Form 8915-E or F?

[macuser_22]

You need the new 8915-F form.   Going to the 1099-R interview will ask if you had a 2020 disaster distribution - say yes.  But the form is not ready yet.

The new 8915-F for is currently scheduled for the 3/31 update.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html