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@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.
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.
@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.
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
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.
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?
@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?
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
I thought splitting into three years is for just taxes purposes not paying back if it was Covid related relief
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.
@Lisawhome wrote:
I thought splitting into three years is for just taxes purposes not paying back if it was Covid related relief
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.
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?
@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?
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
Thank you for your help!!
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?
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
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