disaster distribution for 2020

Forum|Forum|4 years ago
March 9, 2022
3 replies
20 views

I took a disaster distribution between 2018 and 2020. I took the option offered to disperse the tax on this over three years. I am trying to claim the second year. Turbo tax will not allow this and tells me "unfortunately changes related to qualified distributions and repayments weren't ready in time for us to include them in this release. Please revisit this area later". when will the turbo tax program be fixed? as of now, there are no current updates regarding this.

DoninGA

Level 15

Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirements will be available in TurboTax on 03/24/2022

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

brezcbjbAuthor

Level 2

Thank you.

MayaD

Alumni - Intuit

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.

Form 8915F won't be available until 03/24/2022.

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GWBancroft

Level 2

I took a large withdrawal from my 401k in 2020 as part of the CARES act. When I logged into TT to put in the info, I get as far as the "Which disaster affected you in 2020?" screen. Coronavirus is not listed there. What do I do?

swatson818

Level 2

I am having the same issue. Waited seven weeks for this form to be ready and it is still super confusing. I proceeded without it, and it is asking if I want to pay it all now or over the course of the next two years, but I thought I was in in year two of spreading it out.

DaveF1006

Level 15

Yes, this is confusing but allow me to list the steps involved so you can report this as a Coronavirus distribution and not some other nasty disaster.

After you have entered your 1099R, you will reach a screen that asks Was this a withdrawal due to a Qualified Disaster Distribution? You will check the box No, this was not a Qualified 2019, or 2020 Disaster Distribution. This is the screen where you were at initially.
After you continue, there will be a 1099R summary screen. press continue at the bottom.
There will be second screen that will now appear that asks Have you ever taken a disaster distribution before 2021? Here you will say yes.
Next screen Did XXX take a 2020 Qualified Disaster Distribution? Here you will say yes.
The very next screen will ask about your Coronavirus distribution. Here is where you will record the information.