8915-f and 2021 Federal Disaster

[Vaughancm]

I was impacted by the 2021 Marshall Fire Federally declared disaster. I am trying to figure out how to get 8915-F completed to defer my taxes on my pension. Turbotax is only asking me if I had a disaster in 2020. I need some guidance. Thanks for your help.

[AliciaP1]

The form has been recently updated in the system so you may need to update your software.

To update TurboTax Home & Business please follow these steps:

1. Click Online in the black menu bar at the top of the screen
2. Click Check for Updates and follow the instructions to update

[Vaughancm]

Thanks for replying! I tried that and it said my software was up-to-date. I went back through my pension section and again it only asks me if I had any repayments from a 2020 disaster. I then switched to forms and selected the 8915-f form. It shows that you can select 2021 as the disaster year, but it was not selectable.

[DianeW777]

The following method works on both TurboTax Online and TurboTax CD/Download.  You may need to act like you are creating a Form 1099R, but do not complete it.

The following steps should be used to enter your COVID qualifying distribution.  Do Not enter a FEMA code because this doesn't have one. You must have your Form 8915-E from your 2020 tax return.

1. Wages & Income > Retirement Plans and Social Security > 
2. IRA, 401(k), Pension Plan Withdrawals (1099-R) >  Start, Revisit or Update > Continue
3. Answer Yes  'Have you ever taken a disaster distribution before 2021?
4. Answer Yes, You had a 2020 Qualified Disaster Distribution
5. Complete the Information using your 2020 Tax return > Continue
6. Enter any amount you may have  repaid in 2021, if applicable
7. Finish the entry for your spouse if applicable or just click Continue
8. Complete any additional retirement questions as you move through this section
9. Continue until you have finished and returned back to the Wages & Income Screen.
10. Do NOT stop and change sections without completing it.

[Vaughancm]

Your method works for a 2020 disaster. I want to claim a 2021 disaster. There is no selection for a 2021 disaster.

[DaveF1006]

There is no pension income deferral for 2021 Qualified Disasters. This was only available for 2019 and 2020 Federal Declared Disasters. Form 8915-F are for those who took a disaster distribution in 2019 or 2020 and are reporting 1/3 of the distribution due in 2021.

You may be able to claim a causality loss by gong to;

1. Federal>Deductions and Credits
2. Other Deductions and Credits> Disasters, theft, and other property loss or damage
3. There will be questions that specifically ask about the disaster and the FEMA code.
4. Try this to see if can claim this deduction.

@Vaughancm

[Vaughancm]

Colorado

[breakers23]

I had a 1099r in 2020 that qualified for the COVID relief w/d.

split over 3 yrs.

Last yr I paid tax on 1/3

How do I pay tax on the next 1/3 now?

[DoninGA]

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@breakers23 wrote:

I had a 1099r in 2020 that qualified for the COVID relief w/d.

split over 3 yrs.

Last yr I paid tax on 1/3

How do I pay tax on the next 1/3 now?

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You must go to the Retirement Income section of the program for a Form 1099-R to be able to enter your 2nd year of the 2020 distribution -

Click on Federal

Click on Wages & Income

Scroll down to Retirement Plans and Social Security

On IRA, 401(k), Pension Plan Withdrawals (1099-R), click on the Start or Revisit button

On the screen Did you get a 1099-R in 2021? Click on NO, if you did not receive a 2021 Form 1099-R

If you had a Covid-19 related distribution in 2020 and selected to spread the distribution over 3 years -

Answer Yes when asked Have you ever taken a disaster distribution before 2021?

Answer Yes when asked if you took a Qualified 2020 Disaster Distribution

Check the box that this was a Coronavirus-related distribution reported in 2020

In the box 2020 Form 8915-E, line 4, column b - Enter a 0

If the 2020 distribution was from an account that was Not an IRA

2020 Form 8915E Line 9 - Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 9

If the 2020 distribution was from an IRA account

2020 Form 8915E Line 17 -  Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 17

Do not enter anything in the other boxes, leave them blank (empty)

The 1/3 of the amount from the 2020 distribution will be entered on the 2021 Form 1040 Line 4b if from an IRA or on Line 5b if from a retirement plan other than an IRA

After completing the Wages & Income section you will land on a screen Did you take a disaster distribution at any time between 2018 and 2020?

Answer NO since you have already completed the entering the 1/3 of the 2020 distribution.

You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Using the desktop editions click on Forms.  Open the Form 1040

[rib23]

Why is it not taking into account the CARES Act extension through June 25, 2021?

Covid related Distribution made (first taken in March 2021) prior to that extended deadline should count, but I don't have an 8915-E for 2020.

[rib23]

Why is it not taking into account the CARES Act extension through June 25, 2021?

Covid related Distribution made (first taken in March 2021) prior to that extended deadline should count, but if you don't have an 8915-E for 2020 then not able to get the program to file an 8915-F.

[macuser_22]

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@rib23 wrote:

Why is it not taking into account the CARES Act extension through June 25, 2021?

Covid related Distribution made (first taken in March 2021) prior to that extended deadline should count, but if you don't have an 8915-E for 2020 then not able to get the program to file an 8915-F.

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That was not an extension, but a change in the due date for the 2020 tax return.  That had to do with fileing 2020 tax and has nothing to do with 2021 tax and the 8915-F form.

[DoninGA]

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@rib23 wrote:

Why is it not taking into account the CARES Act extension through June 25, 2021?

Covid related Distribution made (first taken in March 2021) prior to that extended deadline should count, but I don't have an 8915-E for 2020.

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There was not a CARES act extension in the American Rescue Plan Act of 2021 - https://en.wikipedia.org/wiki/American_Rescue_Plan_Act_of_2021

[jbspencer]

Did you figure this out?  I have a 2021 disaster and it is not letting me report it.

[DoninGA]

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@jbspencer wrote:

Did you figure this out?  I have a 2021 disaster and it is not letting me report it.

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What federally declared disaster in 2021 did you have?