Pension Taxes

[ebarkley71]

With my 2020 taxes I qualified for the cares act and had to withdraw my pension to keep above water. I set it up so I could pay the taxes over the three years. Now it is time to pay for the second third. How do I enter this information on my 2021 taxes?

[rjs]

The ability to enter the payment has not yet been implemented in TurboTax. The IRS has not even released the form for it yet.

[DMarkM1]

As @rjs mentions the forms are not approved/released yet.  Once those forms are implemented you will visit the "Retirement" topic in the "Wages and Income" tab.  If you have Forms 1099-R for TY2021 distributions, you can enter them as usual. 

If not, you just select "NO" when asked if you received a 1099-R. 

At either point, you will then be asked about prior year "Disaster Distributions."  Follow the prompts from there to enter the second installment of your distribution.  

Here is a link to the TurboTax forms availability page where you can monitor the implementation status.  It will be a Form 8915 for TY2020 distributions.  

[row06]

So what this says is, even though I'm all set to file - minus this one form, I'll have to wait until mid-March to do so?! Is there another way to file without TT? Can I file on my own via paper and mail in? Or is this not something that is available to anyone, anyway? 

[rjs]

@row06 

It's something that's not available to anyone right now. TurboTax is not the problem. The IRS has not issued the form yet. There is no way to file without the form, not on paper by mail, and not by e-filing.

We don't know when the form will be available. I don't see anything about March in the replies above. (DMarkM1 might have mentioned March and then changed his post.) No date has been announced. It could be earlier than March.

[VolvoGirl]

The Forms Availability list shows 3/17 for form 8915

[rjs]

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@VolvoGirl wrote:

The Forms Availability list shows 3/17 for form 8915

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That's for 8915-B, 8915-C, and 8915-D. The form that's needed for a 2020 distribution that is spread over 3 years is 8915-F, which isn't even in the list.

[Frstewart87]

I’ve read that this form isn’t yet released and won’t be released for some time. However, the IRS website says it’s available as of 01/24/2022. Can anyone else shed some light on this?

Form 8915-F

Qualified Disaster Retirement Plan Distributions and Repayments

01/24/2022

Source:

https://www.irs.gov/e-file-providers/free-file-fill[product key removed]am-limitations-and-available...

[rjs]

@Frstewart87 

You are looking at a list of forms that are included in Free File Fillable Forms. It shows the same available date for all the forms, which is the date that Free File Fillable Forms opened for 2021 tax returns. I think that's a mistake or carelessness. You will not find the actual form anywhere on the IRS web site. If you search for it in the list of forms to download, you will not find it.

(The IRS has posted a draft of the form, but you can't file a draft form.)

[carver44]

I searched for the 8915-f on IRS and pulled the form right up.  doesn't say draft either.  not sure why it's not in turbo yet.  Don't bother chatting with Turbo, they sure don't know what's going on.  

[carver44]

https://www.irs.gov/[product key removed]h?search=8915-f&field_pup_historical_1=1&field_pup_historic...

[DoninGA]

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@carver44 wrote:

I searched for the 8915-f on IRS and pulled the form right up.  doesn't say draft either.  not sure why it's not in turbo yet.  Don't bother chatting with Turbo, they sure don't know what's going on.  

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The IRS just released the Form 8915-F and the instructions on 02/03/2022.  TurboTax does not just copy the form into the software.  It first must be approved by the IRS and the program must be written to adhere to the instructions and calculations within the form.  It may take awhile before the 8915-F can be incorporated into the software.

[carver44]

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

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