CARES Act retirement distribution in turbotax software - penalty-free and paying 1/3rd

[DaveF1006]

@ktownmags Currently the form 8915-F is still in the draft stage with the IRS. There is no release date at this time.

[macuser_22]

And it is not known at this time if the form will be e-filable or not - that is up to the IRS.

[Dalther2]

Do we re-use the 1099-R which we filed our 1st 8915-E for the 1st portion of the payment? And would this 1099-R be reused for all 3? Sorry for the rookie question. Thanks..

[murphsan84]

I'm trying to figure out the same thing...if we use the same 1099 R form from 2020?

[macuser_22]

You do not use any 1099-R, just the 8915-F form when it is available.

If you do not have a 2021 1099-R it will ask if you have a 2021 1099-R, if you answer no it will ask if you have 1099-R income - say no and it will then ask if you had a disaster distribution from 2017-2020 - say yes.

[Wrusprod]

So I'm curious.  The full amount  I took out of 401k in 2020 was reflected in my income last year.

So did I pay the full amount on it ? 

I did the 3 year split I thought. 

How do I know if I need to do the 8915 form? 

[macuser_22]

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@Wrusprod  wrote:

So I'm curious.  The full amount  I took out of 401k in 2020 was reflected in my income last year.

So did I pay the full amount on it ? 

I did the 3 year split I thought. 

How do I know if I need to do the 8915 form? 

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Look at your 2020 1040 form line 5a and 5b.  If line 5b is 1/3 the amount in box 1 on your 2020 1099-R form then you elected to spread it over 3 years.

[Wrusprod]

Yep.thats correct! I does reflect it spread over 3 years. Thanks.

So I guess I just need to wait for the form to come out and complete it.? 

Thanks for quick response!

[macuser_22]

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@Wrusprod  wrote:

Yep.thats correct! I does reflect it spread over 3 years. Thanks.

So I guess I just need to wait for the form to come out and complete it.? 

Thanks for quick response!

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Yes, wait for the new 8915-F form.

[Wrusprod]

You're the best! Thank you!

[Scvpilot25]

Looks like it’s officially released now. Any update on when TurboTax will add it to the software? 

[macuser_22]

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@Scvpilot25 wrote:

Looks like it’s officially released now. Any update on when TurboTax will add it to the software? 

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Yes.  3/31.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...

[Wrusprod]

Wow! March 31st?!

[NatureLover1]

Hi,

Am I understanding this right that 3/31 is when I can use Turbo Tax to finish  Form 8915-D?  It also says E-file is not support with this form.  So does that means that I can E-file my tax returns and send Form 8915-D seperately to the IRS?

Form 8915-D, Qualified 2019 Disaster Retirement Plan Distributions and Repayments (Spouse)

03/31/2022

unsupported

[MichelleLO]

It may take longer for one form or another to show up in TurboTax for multiple reasons. Our goal is to provide you with the most accurate information possible. As part of this process, we communicate often with the taxing agencies. You can monitor the status of the forms needed for your return in the below TurboTax help article. If the form becomes available sooner than the currently published date, the article will be updated to reflect the new availability date.

IRS forms availability table for TurboTax individual (personal) tax products

@NatureLover1