8915-F

[Dans2]

Hi DoninGA,

Information was helpful in completing form properly and getting it to report the 1/3. However, the automatic worksheet in Step by Step supplied with TT Desktop is asking for the full distribution taken in 2020 from Form 8915E, line 4, column B.  It works if you put a zero there, but when asking what the amount taken in 2020 was how else is someone going to figure this out if they don't look here?  It appears that the checks let this go through without the actual 1/3 being reported on 1040.

[genericusername1]

@DianeW777 

Hi Diane, 

Would you be able to clarify exactly what information should be input on this page? 

The only distribution we had was a CARES act eligible distribution from a 401k due to COVID-19, we had no other hardship distributions in any other year other than the CARES act in 2020.

After checking the box confirming this was a coronavirus related distribution, are we still suppose to enter the information from Line 4 column B in the next line? In the screenshot example I added above, that box would show $30,000.00 based on the $10,000.00 1/3rd payment reflected on Line 9. However, if you do enter $30,000.00 in this box as it reflected on the 2020 Form 8915-E it triggers a review item and the need to enter a FEMA disaster name or number, which the IRS specifically states not to enter.

If we don't input the $30,000.00 then we're not following the instructions as directed by the software, so what is the right way to do this to ensure our taxes are filed correctly and accurately with no issues this year or next year?

Thank you.

[DaveF1006]

line 4 Column  B should not be recorded unless this was a Roth Distribution. Since your distribution is from a 401K, leave this blank.

@genericusername1 

[bigcat024]

Why am I being asked to file estimated taxes for distributions that I took from my retirement in 2020 due to COVID.  I completed form 8915-E last year claiming 1/3 of the taxes and received a refund on my taxes.  Now when filing the second 1/3 of my distribution on form 8915-F my tax return generates (4) 2022 Form 1040ES Payment Vouchers along with 2021 1040-V Payment Voucher.   Do I really need to send in the 1040ES payment vouchers.  I thought there was no penalty for distributions due to COVID withdrawals.   I'm already paying $1139 on the Form 1040V voucher for 2021and if I send in the other (4) 1040 ES payments then I  will pay another $1140 by January 2023. 

[DoninGA]

@bigcat024 No, you do not have to use the Form 1040-ES for 2022 estimated tax payments if you chose not to do so.  They are for your use only, not reported to the IRS if not used and not included as a part of your 2021 tax return that is filed.

[morgaar]

I have followed the steps below, however I am being asked about distributions for 2020, 2019 and 2018 and to enter from form 8915C from those years.  I did take a withdrawal from 2018 and reported it but there is not a 8915C form.