Distribution for COVID19 under the CARES Act

[Chief12]

We took Distribution from our 401K in 2019 under the CARES Act.  We had Taxes taken out before the money was sent to us, we entered that info on our taxes last year (2020). 

One of the questions on this year's return is "Did either of you take a disaster distribution at any time between 2018 & 2020?" 

We did but have already paid taxes on that - if I answer yes, it wants me to wait to report 1/3 of the amount ... but we already claimed the total/had taxes paid on the total.   Do I answer NO - seems like lying...

[Cynthiad66]

If you took a distribution in 2020 but reported and paid for the entire withdrawal then answer no.  You do not need to enter it again.  That question is in response to claiming one third for three years, in your case.  It is not lying if you have paid taxes already.

The form 8515F is required for reporting the three increments for the 2020 withdrawal.

File Form 8915- F (2020 disasters) for the year you checked in item A at the top of page 1 of the form if any of the following apply to you for 2021 for your 2020 disasters.

• A qualified disaster distribution was made to you from an eligible retirement plan.

• You received a qualified distribution. • A qualified disaster distribution was made to you in a prior year that you are including in income in equal amounts over 3 years and the 3-year period has not yet lapsed.

• You made a repayment of a qualified disaster distribution. When and Where To F

Form 8915-F is a redesigned Form 8915. Beginning in 2021, additional alphabetical Forms 8915 (that is, Form 8915-G, Form 8915-H, etc.) will not be issued. The same Form 8915-F will be used for distributions for qualified 2020 disasters (and qualified 2021 and later disasters, if enacted) and for each year of reporting of income and repayments of those distributions.

@Chief12

[kakusters58]

When is Turbo Tax going to be up to date on getting the Form 8915F ready to use?  My taxes have been sitting on your website for over a month. I check other on line software tax options, and most of them are READY. Since I already spent $100 on Turbo Tax already, I certainly don't want to spend more money on another on line option, and start all over again.  This really is unacceptable to the millions of people that use your services.

THIS WILL BE MY LAST YEAR USING TURBO TAX...THIS IS TOTALLY A TURBO TAX FAULT THAT NEEDS TO BE FIXED.  TERRIBLE TURBO TAX CUSTOMER SERVICE!!

[DoninGA]

@kakusters58 

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

[kakusters58]

I'll belive it when I see it...this is the 3rd time (date change) I have heard. They keep pushing it out.  UNACCEPTABLE 

[JMT603]

I agree. Last year Turbotax program gave me wrong advice and placed my stimulus in the wrong spot which then created an audit by the IRS.

Now the Covid distribution form 8915F Should?? be available on 3/24/2022, even though you can go on the IRS website and it is available.

I have held my tax return for over a month now because  the program is holding my tax return until the update is available I will no longer be using Turbotax in the future. I have emailed support several times and no answer. 

Frustrating and disappointing