Qualified Disaster Withdrawal and repayment

[dblh]

Help.  

We took money from IRA in 2020 during pandemic.  Did not think we would be able to repay IRA but were able to repay 100K in 2022.  

Not sure of what steps and in what order to take to get credit for repayment.

Do I need to amend my 2020 taxes?  What 8915 form do I need to use for the repayment?  Sometimes I see 8915-E and sometimes 8915-F.

I really need help with this.

[GeorgeM777]

You will use Form 8915-F.  For tax years 2021 and 2022, Form 8915-F replaces Form 8915-E, which was the form used to report 2020 COVID-related qualified disaster distributions.

Because you took a distribution from a traditional, IRA retirement plan, follow these instructions.  The same steps would apply if you took a distribution from a SEP, SIMPLE or Roth IRA retirement plan.

1. Sign-in to your TurboTax account
2. Open or download your 2020 tax return PDF (you’ll need this open for reference)
3. Go to the 8915-E section on your 2020 return
   • Note: If you’re having difficulty finding 8915-E, open your 2020 tax return PDF,  hold down the Ctrl + F keys, and type 8915 in the search bar
4. Then, select Federal from the TurboTax menu
5. Select Wages & Income
6. Locate the Retirement Plans and Social Security section and select Show more
7. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R) 
8. Choose the appropriate answer to Did you get a 1099-R in 2022? 
   • If you received a 1099-R for 2022, enter the form if you haven’t already done so
   • Select Continue
9.  Answer Yes to Have you ever taken a disaster distribution before 2022?
10. Select Continue
11. Answer Yes to Did you take a 2020 Qualified Disaster Distribution?
12. Select the box next to If this was a Coronavirus-related distribution reported in 2020 check box
13. Enter the amount from your Form 8915-E, line 4, column b and select Continue
14. Select to complete Qualified 2020 Disaster Distribution (from Traditional, SEP, SIMPLE, and Roth IRAs)
15. Go back to the 8915-E section in your 2020 return
    • Note: Form 8915-F won’t generate because it’s not required. You only need the 2020 8915-E info for your 2022 tax return
16. Review Part III of your 2020 8915-E form
17. Review the section on the form to see if the box on line 17 is checked
    • If this box is checked, enter 0 in the first box under the section in TurboTax
    • If this box isn’t checked, enter the amount from line 17 in the first box under the section in TurboTax.
18. Enter the amount from your 2020 Form 8915-E, line 18 into the second box under the section in TurboTax
    • If the box is blank on your 8915-E, leave the line blank in TurboTax
19. Enter the amount from your 2020 Form 8915-E, line 17 into the third box under the section in TurboTax.
    • Note: If the checkbox on line 17 on Form 8915-E isn’t checked, box 1 and box 3 in TurboTax will show the same amount
20. Enter any repayments you made on the following page
21. Select Continue
22. If you only took a distribution in 2020, answer No, I didn’t to the question, Did you take a disaster distribution in 2017, 2018, or 2019? 
23. Select Continue to finish the section
    • Note: If you receive an error message requesting a disaster name or type, enter Virus SARS-CoV-2 or Coronavirus Disease 2019 to clear the error

[dblh]

Thank you for your time.

However, I don't have an 8915 with my 2020 taxes.  

We took out a substantial amount but really did not think we would be able to pay back.  However, we did pay back 100K in 2022.

So, do I need to amend 2020 to create an 8915?

Totally confused here.

[AmyC]

Yes, you will need to amend your 2020 for the 8915E and the repayment. If you had a qualified disaster distribution, you should have the 8915E. You will need to amend your state return, if your state has a tax return.

• how to file an amended return. 
• I need to amend my state return.

[regg_net]

TurboTax you are taxing my brain. I have just wasted 2 hours trying to figure out how to enter I for 8915-F

where is the form?

why did your programmers make it so difficult in year 3?

what do I do now?

[HopeS]

The Form 8915-F is available, Please try these steps to fix the issue:

1. Login to your TurboTax Account 
2. Click on the "Search" on the top and type “1099-R”  
3. Click on “Jump to 1099-R” 
4. If you do not have any 2022 1099-R answer "No" to "Did you get a 1099-R in 2022?" (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)
5. Answer "Yes" to the "Have you ever taken a disaster distribution before 2022?" screen
6. Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
7. Uncheck the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and click Continue
8. On the "Which disaster affected you in 2020?" screen I selected the blank entry and click "back" 
9. Then recheck the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and continue.

Another option is to delete "Form 8915-F" and "Qualified 2020 Disaster Retirement Distr" and then go back to the retirement section and reenter the information:

1. Open or continue your return in TurboTax.
2. In the left menu, select "Tax Tools" and then "Tools".
3. In the pop-up window Tool Center, select "Delete a form".
4. Select "Delete" next to "Form 8915-F" and "Qualified 2020 Disaster Retirement Distr" and follow the instructions.
5. Click on the "Search" on the top and type “1099-R”  
6. Click on “Jump to 1099-R” 
7. If you do not have any 2022 1099-R answer "No" to "Did you get a 1099-R in 2022?" (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)
8. Answer "Yes" to the "Have you ever taken a disaster distribution before 2022?" screen
9. Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
10. Check the box next to "If this was a Coronavirus-related distribution reported in 2020 check here" and enter your information.

See the Link Below for Additional Information:

Form 8915-F

@regg_net