topic 1099-R forms in Get your taxes done using TurboTax

1099-R forms

rbyers — Thu, 11 Mar 2021 23:54:05 GMT

What is the status of the 1099-R forms. Keep getting not available at this time. I've chatted with others and they say they have been able to submit their returns

Re: 1099-R forms

RayW7 — Fri, 12 Mar 2021 00:11:28 GMT

Make sure your TurboTax program is current and update if necessary to make sure all relevant forms are available.

1099-R forms have been and are ready to file.

Form 1099-R is a variant of Form 1099 used for reporting on distributions from pensions, annuities, retirement or profit sharing plans, IRAs, charitable gift annuities and Insurance Contracts.

Related to a 1099-R, form 8915-E is just been recently approved and is used to enter information about the CARES program. You would need this form to take advantage of Early distributions from retirement plans related to COVID-19.

Form 8915-E is now available for filing and this may be what has caused your the error.

Re: 1099-R forms

byersbyteshop — Sat, 27 Mar 2021 05:40:08 GMT

This does not answer my question about entering my retirement data from my 401K and other retirement. The program states:

"You've done a great job starting your taxes early, but the IRS is still working on finishing up the distributions from pensions, IRSs, etc. (form 1099-R)/ Check back soon and we'll help you finish up."

When will the form be available in Turbo Tax?

Thanks

Re: 1099-R forms

Cynthiad66 — Mon, 29 Mar 2021 17:34:29 GMT

These forms are ready now!! The Form 8915E referred to 401-k distributions relating to the pandemic. This form was not ready for e-fing but it is now on TurboTax Online but not for the CD/Download version of TurboTax. When the CD/Download is ready you may receive an email informing you of the update needed.

The CARES Act provides tax relief for up to $100,000 of COVID-19 related distributions from eligible retirement plans. So, if you, your spouse, your dependent, or a member of your household was impacted by the coronavirus and you withdrew from your retirement accounts in 2020 before the age of 59 ½, you may not have to pay the 10% early withdrawal penalty (or the 25% additional tax for SIMPLE IRAs) with Form 8915-E. It also allows you to spread the taxable portion of the distribution over three years, if needed.

We'll complete and include Form 8915-E with your return if you qualify. Just enter your Form 1099-R and answer a few questions to determine your eligibility.

To qualify for Form 8915-E and to be exempt from the early withdrawal penalty due to COVID-19, a few rules have to be met.

1. You have to be a qualified individual. To qualify, one of these must be true:

You, your spouse, or your dependent were diagnosed with COVID-19
You experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off, or having work hours reduced due to COVID-19
You experienced adverse financial consequences as a result of being unable to work due to lack of child care due to COVID-19, or
You experienced adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to COVID-19

2. The withdrawal had to come from an eligible retirement plan, which could be any of the following:

A qualified pension, profit-sharing, or stock bonus plan (including a 401(k))
A qualified annuity plan
A tax-sheltered annuity contract
A governmental section 457 deferred compensation plan
A traditional, SEP, SIMPLE, or Roth IRA

3. The distribution had to have been made in 2020 before December 31, 2020.

There is also a $100,000 distribution limit to the exemption. Any distributions over that amount, may be subject to the additional tax.