401k Covid Withdrawal

Forum|Forum|4 years ago
February 8, 2022
2 replies
30 views

If we did a 401k withdrawal for Covid and spread it out over 3 years, how do we add that to 2021 return? I know last year I had the option to divide my total over 3 years...but in this year's return I'm not seeing it. I don't have a new 1099-R form since the withdrawal happened in 2020.

TurboTax Free Edition Online

VolvoGirl

Level 15

The ability to enter the payment has not yet been implemented in TurboTax. The IRS has not even released the form for it yet. Once those forms are implemented you will visit the "Retirement" topic in the "Wages and Income" tab. If you have Forms 1099-R for TY2021 distributions, you can enter them as usual.

If not, you just select "NO" when asked if you received a 1099-R.

At either point, you will then be asked about prior year "Disaster Distributions." Follow the prompts from there to enter the second installment of your distribution.

DoninGA

Level 15

You will report this in the Retirement Plans and Social Security section under Wages & Income. It is reported on a new IRS Form 8915-F. This form is not yet available in the TurboTax program as it was just released by the IRS on 02/03/2022 so there are no questions in the section at this time concerning the distribution.

The information will be taken from the form 8915-E that was filed in 2020 for the distribution.