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Level 2
posted Feb 1, 2022 8:56:05 AM

2021 COVID 401k Distribution

I took a COVID distribution from my 401(k) in 2020 since I lost my job.  I decided to claim it over 3 years (2020, 2021, and 2022) to make the taxes less of a financial burden all at once.  I paid the taxes I owed for one third of my distribution last year (2020), but I need to pay another third of taxes this year on it (2021).  How do I do that in turbotax?  The information didn't carry over from the previous year and I didn't get a new form from my 401(k) provider because I didn't take a distribution this year.  Can you please help?? 

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5 Replies
Expert Alumni
Feb 1, 2022 9:05:36 AM

You have to answer questions in the Retirement section of TurboTax.

 

However, this section is not available at the moment because the IRS has not yet released the final version of Form 8915-F and you'll need to revisit this section later.

 

Once the section is available follow these steps to report any repayment:

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. If you do not have any 2021 1099-R answer "No" to "Did you get a 1099-R in 2021?" (If you have any other 1099-R then enter all 1099-R and after entering your last 1099-R click "Continue" on the “Review your 1099-R info” screen)
  5. Answer "Yes" to the "Have you ever taken a disaster distribution before 2021?" screen

New Member
Mar 22, 2022 3:59:24 AM

I'm still getting a message that the form is still not ready.  It's almost April, please advise on when the form will be ready.

 

Thanks.

Expert Alumni
Mar 22, 2022 4:24:39 AM

Disaster Relief for Form 1099-R should now be available in both online and desktop versions of TurboTax.  Thank you for your patience.

 

  • If you have the desktop version of TurboTax, please be sure it updates when you launch the program. 
  • If you have TurboTax Online and it still gives this error message, please sign out of TurboTax, clear your cache and cookies, or try another browser, then sign back in and take it through Review.  Please see this Help article for clearing your cache and cookies. Clearing cache and cookies in your browser

 

Please do try the return in Review and see if it will now pass without flags and allow you to file.

New Member
Mar 24, 2022 4:34:04 AM

The 8915F maybe showing completed but in the drop down list for disaster codes there's no related COVID selection and I'm still showing penalty.  Please advise on what is going on, it's almost April.  I must say I don't complain about much but this is real poor customer service.  I can not even file because of no COVID drop down selection.

Expert Alumni
Mar 24, 2022 8:08:56 AM

In TurboTax Online Deluxe version, I was able to generate an IRS Form 8915-F Qualified Disaster Retirement Plan Distributions and Repayments and report distributions other than IRA's in Part II.

 

  • I did not repay any 2020 Qualified Disaster Distribution in 2021.
  • I did not report a disaster distribution in 2017, 2018 or 2019.
  • I reported No for the second question Did you take a disaster distribution at any time between 2018 and 2020? after the section Wages & Income and before the section Deductions & Credits.

The intent is for you to see the 1/3 spread over the three years:

 

  • Included on the 2021 Federal 1040 tax return line 5b,
  • Not included on the 2021 Federal 1040 tax return line 5a, and
  • In Part II of Form 8915-F on lines 12, 13 and 15.