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Level 2
posted Jan 26, 2022 1:35:47 PM

Partial Taxes on IRA withdrawal from 2020?

I withdrew money from an IRA in 2020 to cover Covid expenses. I can not figure out how to pay taxes on the 2nd / 3rd of the money withdrawn. Money was withdrawn in 2020. I received a 1099 for my 2020 taxes and paid 1/3 the taxes on 1st / 3rd of the withdrawal. We are now in the second Year, No 1099 is issues (obviously) because the money was withdrawn in 2020 not 2021. I need to pay the taxes on the 2nd / 3rd of the funds for 2021. No internet search that I have managed gives guidance outside of the original withdraw year.

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5 Replies
Expert Alumni
Jan 26, 2022 1:49:33 PM

This section is not available at the moment because the IRS has not yet released the final version of Form 8915-F.

 

Once the section is available follow these steps to report any further tax to be paid:

 

  1. Login to  TurboTax 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. If you do not have any 2021 1099-R answer "No" to "Did you get a 1099-R in 2021?"
  5. Answer "Yes" to the "Have you ever taken a disaster distribution before 2021?" screen.

You will be guided through the screens.

Level 2
Mar 18, 2022 6:28:12 AM

Is there an Update as to when this form will be available so that I may finish filing my taxes?

Level 15
Mar 18, 2022 6:32:49 AM

@Stephen Cosgrove wrote:

Is there an Update as to when this form will be available so that I may finish filing my taxes?

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

Level 2
Mar 25, 2022 4:24:35 AM

How come TurboTax is asking to revisit the 1099r section after entering the information for  form 8915E? Thanks

Employee Tax Expert
Mar 29, 2022 7:52:12 AM

You might have to verify your entries.

 

Please verify that you have the box checked next to "If this was a Coronavirus-related distribution reported in 2020 check here". Then make sure you enter the amount from Form 8915-E, line 9 twice (if it was not from an IRA) or enter the amount from Form 8915-E, line 17 twice (if it was from an IRA). This amount should be 1/3 of your 2020 COVID distribution.

 

  1. Click on the "Search" on the top and type “1099-R”  
  2. Click on “Jump to 1099-R” 
  3. If you do not have any 2021 1099-R answer "No" to "Did you get a 1099-R in 2021?" (If you have any other 1099-R then enter all 1099-R and after entering your last 1099-R click "Continue" on the “Review your 1099-R info​​​​​​​” screen)
  4. Answer "Yes" to the "Have you ever taken a disaster distribution before 2021?" screen
  5. Follow the instructions on the screen

 

@tax novice