Took a Coronavirus-Related Qualified 2020 Disaster Retirement Plan Distributions (recorded on 8915-E in 2020) and choose the option to defer the taxes over 3 years. How do I record / pay the 2021 taxes due on the deferment?
It seems that TurboTax is asking the correct question "Did either of you take a disaster distribution at any time between 2018 and 2020?" but when I hit YES TurboTax response with "You'll need to revisit this area. Unfortunately, changes related to qualified disaster distributions and repayments weren't ready in time for us to include them in this release. Please revisit this area later."
Are there plans to address is area / concern? Are there any anticipated dates?
You will be reporting the distribution on the new IRS Form 8915-F. This form is not yet available in TurboTax. It is estimated to be available on 03/31/2022 (possibly sooner).
has IRS Form 8915-F been released yet for updating my files
@parrethd1 wrote:
has IRS Form 8915-F been released yet for updating my files
The Form 8915-F was included in the TurboTax online editions in the early evening of 03/23
The Form 8915-F was included as a software update for All the TurboTax desktop editions on 03/24
If you are using the desktop editions, update your software. Click on Online at the top of the desktop program screen. Click on Check for Updates.
You must go to the Retirement Income section of the program for a Form 1099-R to be able to enter your 2nd year of the 2020 distribution -
Click on Federal
Click on Wages & Income
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click on the Start or Revisit button
On the screen Did you get a 1099-R in 2021? NO
Answer Yes when asked Have you ever taken a disaster distribution before 2021?
Answer Yes when asked if you took a Qualified 2020 Disaster Distribution
Check the box that this was a Coronavirus-related distribution reported in 2020
In the box 2020 Form 8915-E, line 4, column b - Leave blank or enter a 0
This is not required on a Form 8915-F for a Coronavirus-related distribution
If the 2020 distribution was from an account that was Not an IRA
Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 9
2020 Form 8915E, line 9, if you checked the box on that line, enter 0
2020 Form 8915E Line 9
If the 2020 distribution was from an IRA account
Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 17
2020 Form 8915E, line 17, if you checked the box on that line, enter 0
2020 Form 8915E Line 17
Do not enter anything in the other boxes, leave them blank (empty) or enter a 0
The 1/3 of the amount from the 2020 distribution will be entered on the 2021 Form 1040 Line 4b if from an IRA or on Line 5b if from a retirement plan other than an IRA
After completing the Wages & Income section you will land on a screen Did you take a disaster distribution at any time between 2018 and 2020?
Answer NO since you have already completed the entering the 1/3 of the 2020 distribution.
You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
Using the desktop editions click on Forms. Open the Form 1040
You should not receive the "Needs Review" in the Federal Review section if -
You Leave blank or enter a 0 in the box for 2020 Form 8915-E, line 4, column b