When will Form 8915-E (not F) be available to complete taxes?

[Ajohnson2252]

I am attempting to submit my 1099-R taxes on my 2020 IRA distribution which will require Form 8915-E for exception of the 10% early withdrawal penalty. (COVID-19 work hour reduction) - When will the form be updated and accessible to allow me to properly process my taxes without the penalty.

Just to make sure there isn’t any confusion, I do not need Form 8915-F as I am reporting the distribution that was made in 2020. 

Thank you!!

Alli

[macuser_22]

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@Ajohnson2252 wrote:

I am attempting to submit my 1099-R taxes on my 2020 IRA distribution which will require Form 8915-E for exception of the 10% early withdrawal penalty. (COVID-19 work hour reduction) - When will the form be updated and accessible to allow me to properly process my taxes without the penalty.

Just to make sure there isn’t any confusion, I do not need Form 8915-F as I am reporting the distribution that was made in 2020. 

Thank you!!

Alli

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A 2020 1099-R can only be reported in a 2020 tax return, not 2021.   If you filed 2020 and did not include it then you need to amend 2020 to add it.  The 2020 software supports the 8915-E form.

You can only amend 2020 with the 2020 desktop software.

[AmyC · Accepted solution]

8915-F is used for TY2021. 8915 E is not on the list as it is for 2020. The state and federal governments approve the most common forms first and work their way down the list. Please see the links for form availability. Once a date shows up, the reality should be close. Once released, Turbo Tax will work quickly to get it working in the program.

Federal form availability

State Forms Availability

Tip: to quickly find the form you desire, select Control F and type in the search box.

Edited 02/03/2022 (12:02 PST)

[Ajohnson2252]

Ok thank you for that update! 

So I will be able to file the 2020 distribution within this year’s tax return? Or do I need to amend last year’s instead as the poster above mentioned?

Thank You,

Alli

[macuser_22]

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@Ajohnson2252 wrote:

Ok thank you for that update! 

So I will be able to file the 2020 distribution within this year’s tax return? Or do I need to amend last year’s instead as the poster above mentioned?

Thank You,

Alli

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No.  As I said above a 2020 1099-R distribution can only be filed on a 2020 tax return.  There will be not be any 89!5-E form for 2021, that was  a 2020 form only.   The form for 2021 in the 8915-F form for those that filed the 2020 8915-E form deferring the tax over 3 years or taking 3 years to pay the distribution back.

@AmyC Please correct your answer.

[Ajohnson2252]

Thank you for your response. It was stated that the 2020 distribution can be spread out over 3 years of tax returns. So the Form 8915-F doesn’t appear to be the right tax form per the instructions listed for the form being used for distributions made in 2021 or later years.

Please verify if your response has that in mind as well.

Thank you! Just want to make sure not to cause delays once I submit.

[macuser_22]

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@Ajohnson2252 wrote:

Thank you for your response. It was stated that the 2020 distribution can be spread out over 3 years of tax returns. So the Form 8915-F doesn’t appear to be the right tax form per the instructions listed for the form being used for distributions made in 2021 or later years.

Please verify if your response has that in mind as well.

Thank you! Just want to make sure not to cause delays once I submit.

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If you did not report your 2020 1099-R on you 2020 tax return or not file the 2020 8915-E form last year then you must amend 2020 to add it.

[macuser_22]

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@Ajohnson2252 wrote:

Ok thank you for that update! 

So I will be able to file the 2020 distribution within this year’s tax return? Or do I need to amend last year’s instead as the poster above mentioned?

Thank You,

Alli

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No.  As I said above a 2020 distribution can only be filed on a 2020 tax return.  There will be not 89!5-E form for 2021, that was  a 2020 form only. 

[fanfare]

There is no "divide by 3.0" option for 2021. Only 2020.

If you took a 2020 COVID distribution, and you amend your 2020 tax return to report that election,

you will pay the second of three portions on your 2021 tax return.

[Ajohnson2252]

Awe sorry, that actually is incorrect. Form 8915-F will allow 1/3 repayment for qualified 2020 distributions *made in 2021*.

But I found the information I was looking for, for my concern with amending my 2020 taxes and also filing my 2021.

Thank you again for your response 

[fanfare]

@Ajohnson2252 

You are right about dividing by 3.0 for 2021.

Note there is a huge backlog of paper returns and amended returns for 2020 and now 2021.

The simplest solution is to not divide your 2020 distribution in three parts for 2020 when you amend.

Then you will not have any contradictions by submitting your 2021 tax return now.

You won't need 8915-F unless you are taking another disaster distribution in 2021.

[danaT]

You have got to be kidding me.  You are telling me that I am not going to be able to do my taxes until after 3/31???  Aren't they due 4/15....this seems crazy. 

[FangxiaL]

Form 8915-F is replacing Form 8915-E.

[macuser_22]

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@danaT wrote:

You have got to be kidding me.  You are telling me that I am not going to be able to do my taxes until after 3/31???  Aren't they due 4/15....this seems crazy. 

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Not unusual really.   In prior years some form were not available until May requiring taxpayers to pay any tax due by April 15 and filing an extension to file the paper when the forms were available.

[minutemanmath]

Can I get some clarification on this? I already claimed a 1099-R last year, used form 8915e, and elected to distribute the income over 3 years. I do NOT need to amend my 2020 return, and I did NOT take an additional withdrawal in 2021, so I do NOT need to file an 8915f for my 2021 return.

My question is how do I report that distributed income on my 2021 return? Is the IRS going to send out a form? Should I just manually enter the amount from line 5b on my 1040 for this year?