I checked that I received disaster distributions because it mentioned if you got anything for Covid. And I assumed that the stimulus checks fell underneath that so I said yes. Just want to make sure that was the right thing to do.
No, the stimulus checks do not qualify for the disaster relief question.
Please return to the Personal Info and edit your information. Review the interview.
The question is asked there and you can correct it to say "no".
But on the questions about disaster relief, it specifically says that COVID-19 stimulus checks fall under the disaster relief.
Click on Wrap up income under Income & Expenses section to reach this screen and select No if you did not withdraw from a retirement account:
So my wife did withdraw from her retirement because she switched jobs from a private school to a public school. So she has to withdraw from it. But we put in all that information for the 1099R. We also put it how much we got from stimulus and all that. Just need to know if we check yes or no on that section of disaster relief.
If you received Form 1099-R for your wife's 2021 withdrawal, enter the 1099-R on your return. If you did not withdraw any money from retirement accounts in 2020, answer No to the disaster distribution question.
In the Federal Review section, you will have a chance to confirm the amount of 3rd stimulus payment received. Do not add it anywhere else.
Okay great. That's what I meant about entering stimulus money. We confirmed it at the end.
Thanks!!
I took money out of my retirement in 2020 and filed it when I did my 2020 taxes during the 2021 tax season. I did choose the disaster distribution when I filed, but I never chose to repay back over 3 years. It's telling me I'm unable to file yet because of disaster tax relief laws being passed by congress. If I don't owe, do I still have to check that box that I took a disaster relief between 2018-2020 because it's preventing me filing?
@misstomblin wrote:
I took money out of my retirement in 2020 and filed it when I did my 2020 taxes during the 2021 tax season. I did choose the disaster distribution when I filed, but I never chose to repay back over 3 years. It's telling me I'm unable to file yet because of disaster tax relief laws being passed by congress. If I don't owe, do I still have to check that box that I took a disaster relief between 2018-2020 because it's preventing me filing?
Check the NO box for disaster relief payments.
Hello! Same issue here, except whenever I uncheck the box it doesn't save my selection and keeps making me repeat the process
Edit found the solution
go to federal
wages and income
no, yes, no
to the 3 questions asked
@misstomblin Please double check your 2020 return to make sure all of the income was taxed rather than 1/3.
@harrell222 & @rug There are some questions in the program that are considered extra important. While it looks like your answer is being erased, it isn't. The program is just re-verifying the information and blanks out the screen. Please delete the form if it is not needed.
Choose your method of deletion:
Thank you so much. Literally just spent 30 min trying to figure it out and then did what you said to and it worked.
@rug follow what this user says....THISSSS!!! i tried the deletion form method but you cant delete the form that keeps checking the box. But do this go to wages and income click on the one that says review click NO, YES, NO to the next 3 questions and youll be good. i promise. i was stuck on this for 2 weeks
People posting solutions to questions that arn't asked in the forms anymore and it's only been a week, what a garbage website.
So I click "no" and I still can't e-file the return. This message keep coming up:
Federal Information Worksheet: Disaster distributions - You can't file just yet due to disaster tax relief laws passed by Congress. This may mean a better tax outcome for taxpayers like you who took qualified disaster distributions between 2018 and 2020. We can keep working on your tax return adn we'll let you know when we can help you finish up your taxes.
Help!
You may be able to delete the form at Tax Tools / Tools / Delete a form, but there may be an entry in the software that re-generates form 8615.
Did you take a disaster distribution from your pension funds between 2018 and 2020? A disaster distribution allowed you to spread the distribution over three 1040 tax returns.
If so, IRS Form 8915 will be needed to complete your tax return but that form is not yet available. See this TurboTax Help.
If you did not take a disaster distribution from your pension funds between 2018 and 2020, there may be a question that needs to be reviewed. Follow these steps.
Now watch the headings under Federal closely.
I had the same exact issue. When I try to amend my answer it won't change my answer and it says "needs review" every time I answer no to both questions
Did you mean that you took a disaster distribution from your pension funds between 2018 and 2020? A disaster distribution allowed you to spread the distribution over three 1040 tax returns. Or do you mean something else? Please clarify.
If so, IRS Form 8915 will be needed to complete your tax return but that form is not yet available. See this TurboTax Help.
If you did not take a disaster distribution from your pension funds between 2018 and 2020, follow these steps.
I think I can help with the majority of concerns here ( I am the original poster for the thread lol)
Many people check "Yes" on the box during the Disaster Distribution Questions because it says, "This includes distributions for CVOID-19 under the CARES Act of 2020". So when people see that, we think the check "yes" if you received a Stimulus in 2020. Maybe the wording of this question needs to be reworked, but it seems to be mainly about if you withdrew from your retirement for COVID (at least I think). If any Tax Expert can help clear this up for everyone, that would be great.
Thanks
In general, section 2202 of the CARES Act provides for expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans (certain employer retirement plans, such as section 401(k) and 403(b) plans, and IRAs) to qualified individuals, as well as special rollover rules with respect to such distributions.
A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs.
The distributions generally are included in income ratably over a three-year period, starting with the year in which you receive your distribution. For example, if you receive a $9,000 coronavirus-related distribution in 2020, you would report $3,000 in income on your federal income tax return for each of 2020, 2021, and 2022. However, you have the option of including the entire distribution in your income for the year of the distribution.
Use this link for additional information: Corona Virus Related Distribution - IRS
I took money from my 401k in 2020 under the cares act and I did split my taxes into 3 payments.
What should I do?
The form that you need in order to finish and file your return is Form 8915-F. This form 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 reports prior-year distribution amounts to be taxed in 2021. Form 8915-F replaces Form 8915-E.
Form 8915F will be available on 03/24.2022.