1099's and 8915F

Forum|Forum|4 years ago
March 10, 2022
3 replies
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I am getting frustrated. Every time I go to determine how I repay a distribution under the corona virus in three payment I get a stop on your part. It say " CHANGES RELATED TO QUALIFIED DISTRIBUTION AND REPAYMENTS ARENT READY FOR THIS RELEASE. VISIT LATER"

WHEN ARE YOU GOING TO UPDATE THIS INFORMATION PLEASE. OR HOW DO I FILE WITH OUT THIS INFOO. I HAVE ALWAYS HAD NO PROBLEM WITH THIS PROGRAM BUT INEED ANSWERS SOON.

TurboTax Home & Biz Windows

Cynthiad66

Level 14

The form needed to enter this information is Form 8915-F which is not finalized yet. The expected date of march 24 has not been updated so we assume it will be ready then. It is still showing up in the Draft stages with the IRS. So TurboTax

Form 8915-F is used to report a disaster-related retirement distribution, and any repayments of those funds. It also allows you to spread the taxable portion of the distribution over three years, if needed and report prior year distribution amounts which are to be taxed in 2021. Form 8915-F replaces Form 8915-E.

Note: You can learn when Form 8915-F will be available in TurboTax here.

We'll complete and include Form 8915-F 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-F and to be exempt from the early withdrawal penalty a few rules must be met:

1. 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

2. The distribution must be to an eligible individual. That is a person who was affected while living in a federally declared disaster area. This doesn't include any area which was declared to be a federal disaster area only because of COVID-19.

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

When do I have to pay taxes on disaster or COVID-19 related distribution

When do I have to pay taxes on disaster or COVID-19 related distributions?

Can I repay a COVID-19 related distribution?

How does it impact my state return?

@Constantine1

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jennict1

Level 2

Actually, form 8915F IS already finalized and available via the IRS, it's only Turbo Tax that has not added it into it's software yet, to be clear. It is NOT in Draft state on the IRS website. It has been finalized.

Also, you mentioned that one should 'upload their 1099'. But here's the thing; if we took distributions in 2020, we already received and filed the ONLY 1099 we'll get on the 2020 tax return. Those who took the distributions don't get a new 1099 every year, only the first year for the entire distribution. So there's nothing to upload re: 1099's in years 2 and 3.

The fact that Turbo Tax doesn't have this ready is ridiculous. The IRS had it ready by the end of February.

We really need this expedited; for the price that TurboTax charges, it's not acceptable.

Anonymous

TaxAct 2021 had this form available three weeks ago. Filed with TaxAct after using TurboTax for over 20 years. TurboTax needs to get their act together to ensure customer satisfaction. They are extremely slow on this particular form which is extremely disappointing.

Constantine1Author

Level 2

Thank you David. I will look into Taxact 2021. Can you download their form off the internet or is it available on CD at Best Buy. Like you I too have used TurboTax for many years but am disgruntled with them for their delays.

Constantine1Author

Level 2

I keep getting these stupid remarks from turbo tax like venerate on your new level, you have gotten a new badge,etc etc. I could care less!! Forget about yhat petty stuff, just get busy and add the 8915F form. That's all the people want. Due uout job. Like the other software people have done ...NOWWWW

debferr

Level 2

The 8915F form is available now (March 25th). But it took way to long for it to be available!

Prdiselane

Level 2

I'm having an issue with the 8915F and that it is not being included as one of the forms in my taxes when it should be. I don't understand what it means by "if I qualify." I took the 2020 distribution to be spread over 3 years. I filed my taxes last year 8915E was included as one of my forms. Turbo tax asked if I had a qualified disaster distribution to which I answer yes then entered the required info based on the 8915E from the prior year but again, when I look at all my forms before filing 8915F is missing. Also, taxes is not being taken out of my return when it should. This is all so confusing!