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mbg333182
New Member

My IRA distribution taxable amount is being split over 3 years due to CARES act, but I want it all to be taxable in 2020. How do I change my preference from 3 yrs to 1?

I've redone each 1099-R & all IRA interview steps, but the question of paying over 3 years vs one year does not come up.  I did see the option initially, but cannot find where to review or edit my choice.
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3 Replies
DanaB27
Expert Alumni

My IRA distribution taxable amount is being split over 3 years due to CARES act, but I want it all to be taxable in 2020. How do I change my preference from 3 yrs to 1?

After entering your 1099-R and  answering all the COVID questions you get the "Do you want to pay all the tax this year?" screen. At the bottom you can check the box next to "Pay entire tax on all COVID-19 related retirement distribution(s) in 2020"

 

  1. Click on "Search" on the top right and type “1099-R”
  2. Click on “Jump to 1099-R”
  3. Click "edit" next to the 1099-R
  4. Continue through the questions until "Do you want to pay all the tax this year?" screen.
  5. At the bottom you can check the box next to "Pay entire tax on all COVID-19 related retirement distribution(s) in 2020"

 

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preza550
New Member

My IRA distribution taxable amount is being split over 3 years due to CARES act, but I want it all to be taxable in 2020. How do I change my preference from 3 yrs to 1?

i dont know how to add the amount of the 3 years split from my 2020 1099R

RobertB4444
Expert Alumni

My IRA distribution taxable amount is being split over 3 years due to CARES act, but I want it all to be taxable in 2020. How do I change my preference from 3 yrs to 1?

You'll need form 8915-F in order to enter this.  Form 8915-F isn't available in TurboTax at this point.  

 

When it is available you'll enter it by going to the retirement income section under Wages and Income.  It'll ask if you have retirement income for 2021, you'll say yes.  It'll ask if you have a 1099-R and you'll say no.  It'll ask if you took a disaster distribution between 2017 and 2020 and you'll say yes and then you'll enter the amount in.

 

As of right now the 8915 forms appear to be ready on or about March 17th of this year.

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