Why isn't Turbo tax allowing me to divide my covid withdrawal over 3 years?

[merch87]

Thanks.  That actually fixed my issue.  Once the form was deleted, it generated a new form with the correct amounts.  Thanks for all the help.

[Nuhler]

There is no options to declare income over 3 years

[fanfare]

If you mention COVID, TurboTax by default will try to split your tax on that distribution over three years.

[merch87]

Thanks to everyone for the help.  This has been resolved.  I had to delete the form, and this reset the questions inside the online version, allowing me to split the tax...

[Jedi4380]

Is anyone getting a jump on 2021 taxes? I'm trying to figure out how to pay the next 1/3 of the taxes this year and can't figure it out in TurboTax 2021 Premier.

[macuser_22]

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@Jedi4380 wrote:

Is anyone getting a jump on 2021 taxes? I'm trying to figure out how to pay the next 1/3 of the taxes this year and can't figure it out in TurboTax 2021 Premier.

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If you mean for the 2020 retirement distribution then that will be on the new 8915-F form that is still in the draft stage at the IRS.  It might be a month or two before is is issued (and the electronic specifications) so TurboTax can program for it.

[nappydrew]

Thanks for the info about the 8915-F. It amazes me that unless you take it upon yourself to find these things out, TurboTax will let you file, even though they filed last year's return and they know full well that they aren't ready for this entry. It's crazy that they let you just go ahead and file. I imagine a LOT of ppl are going to accidentally omit the 401K covid withdraw from their reported income, because they assume Turbo Tax has it figured in.

[nappydrew]

 (Since TurboTax isn't ready to actually file it correctly, because they're missing the 8915-F)
To get the correct amount I just temporarily added the 1/3 of the withdraw that'll be taxable income, for this year, as a 1099, so the software doesn't see it as a penalized normal 401K withdraw, since TurboTax isn't prepared and calculates it incorrectly when entered as a 401K withdraw, as of Jan 31, 2022. Later, when they are actually ready for the 8915-F, I'll go back in and delete the 1099 misc, and enter it correctly. But this gives a good idea of taxes due, approximation.

[mcbishop17]

Has the new 8915F form been updated/released yet?  I've started/deleted & restarted my taxes 3 different times now trying to figure out how to get the information to show up correctly.  I guess I'll be restarting once again if the form isn't ready yet.  

[DoninGA]

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@mcbishop17 wrote:

Has the new 8915F form been updated/released yet?  I've started/deleted & restarted my taxes 3 different times now trying to figure out how to get the information to show up correctly.  I guess I'll be restarting once again if the form isn't ready yet.  

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Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirements for tax year 2021 is estimated to be finalized and available in TurboTax on 03/31/2022 (subject to change)

[mcbishop17]

So I'll have to wait until then to file my taxes?????

[nappydrew]

Unless you want to use another form of software that has the form, do it by hand, or hire an accountant/tax prep to do it, then yes... if you want to do them correctly.

[mcbishop17]

But if the form hasn't been officially released by the IRS, how would it be possible to get it completed another way?  https://www.irs.gov/pub/irs-dft/i8915f--dft.pdf

[SusanY1]

It's not possible to file another way as the form isn't finalized even for paper/manual filing.  Unfortunately, the only option available at this time is to wait.  

[macuser_22]

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@SusanY1 wrote:

It's not possible to file another way as the form isn't finalized even for paper/manual filing.  Unfortunately, the only option available at this time is to wait.  

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You are mistaken.  The 8915-F form IS finalized for paper fining.

https://apps.irs.gov/app/picklist/list/formsPublications.html;jsessionid=bwDajd1obYjxw_yIXI65eqPr.21...