1099's and 8915F

[Constantine1]

I am getting frustrated. Every time I go to determine how I repay a distribution under the corona virus in three payment I get a stop on your part. It say " CHANGES RELATED TO QUALIFIED DISTRIBUTION AND REPAYMENTS ARENT READY FOR THIS RELEASE. VISIT LATER" 

WHEN ARE YOU GOING TO UPDATE THIS INFORMATION PLEASE.  OR HOW DO I FILE WITH OUT THIS INFOO. I HAVE ALWAYS HAD NO PROBLEM WITH THIS PROGRAM BUT INEED ANSWERS SOON. 

[Cynthiad66]

The form needed to enter this information is Form 8915-F which is not finalized yet.  The expected date of march 24 has not been updated so we assume it will be ready then.  It is still showing up in the Draft stages with the IRS.  So TurboTax

Form 8915-F 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 report prior year distribution amounts which are to be taxed in 2021. Form 8915-F replaces Form 8915-E.

Note: You can learn when Form 8915-F will be available in TurboTax here.

We'll complete and include Form 8915-F with your return if you qualify. Just enter your Form 1099-R and answer a few questions to determine your eligibility.

To qualify for Form 8915-F and to be exempt from the early withdrawal penalty a few rules must be met:

1. The withdrawal had to come from an eligible retirement plan, which could be any of the following:

• A qualified pension, profit-sharing, or stock bonus plan (including a 401(k))
• A qualified annuity plan
• A tax-sheltered annuity contract
• A governmental section 457 deferred compensation plan
• A traditional, SEP, SIMPLE, or Roth IRA

2. The distribution must be to an eligible individual.  That is a person who was affected while living in a federally declared disaster area. This doesn't include any area which was declared to be a federal disaster area only because of COVID-19.

There is also a $100,000 distribution limit to the exemption. Any distributions over that amount, may be subject to the additional tax.

When do I have to pay taxes on disaster or COVID-19 related distribution

When do I have to pay taxes on disaster or COVID-19 related distributions?

Can I repay a COVID-19 related distribution?

How does it impact my state return?

@Constantine1

[jennict1]

Actually, form 8915F IS already finalized and available via the IRS, it's only Turbo Tax that has not added it into it's software yet, to be clear. It is NOT in Draft state on the IRS website. It has been finalized. 

Also,  you mentioned that one should 'upload their 1099'. But here's the thing; if we took distributions in 2020, we already received and filed the ONLY 1099 we'll get on the 2020 tax return. Those who took the distributions don't get a new 1099 every year, only the first year for the entire distribution. So there's nothing to upload re: 1099's in years 2 and 3. 

The fact that Turbo Tax doesn't have this ready is ridiculous. The IRS had it ready by the end of February. 

We really need this expedited; for the price that TurboTax charges, it's not acceptable. 

[Constantine1]

I appreciate your comments but last year i filed my 1099 form along with paying taxes on 1/3  of the sum. I know the rules, I past them last year. Now all I need is your updating the Turbo Tax issue I have so I can get on with it. 

[Anonymous]

TaxAct 2021 had this form available three weeks ago.  Filed with TaxAct after using TurboTax for over 20 years.  TurboTax needs to get their act together to ensure customer satisfaction.  They are extremely slow on this particular form which is extremely disappointing.

[Constantine1]

Thank you David. I will look into Taxact 2021. Can you download their form off the internet or is it available on CD at Best Buy. Like you I too have used TurboTax for many years but am disgruntled with them for their delays.

[Constantine1]

I keep getting these stupid remarks from turbo tax like venerate on your new level, you have gotten a new badge,etc etc. I could care less!! Forget about yhat petty stuff, just get busy and add the 8915F form. That's all the people want. Due uout job. Like the other software people have done ...NOWWWW

[debferr]

The 8915F form is available now (March 25th).  But it took way to long for it to be available!

[Prdiselane]

I'm having an issue with the 8915F and that it is not being included as one of the forms in my taxes when it should be. I don't understand what it means by "if I qualify." I took the 2020 distribution to be spread over 3 years. I filed my taxes last year 8915E was included as one of my forms. Turbo tax asked if I had a qualified disaster distribution to which I answer yes then entered the required info based on the 8915E from the prior year but again, when I look at all my forms before filing 8915F is missing. Also, taxes is not being taken out of my return when it should. This is all so confusing!

[DoninGA]

@Prdiselane 

If you had a Covid-19 related distribution in 2020 and selected to spread the distribution over 3 years -

Answer No when asked if you received a Form 1099-R in 2021, if you did not receive the form

Answer Yes when asked if you took a disaster distribution

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

If the 2020 distribution was from an account that was Not an IRA

2020 Form 8915E Line 9 - Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 9

If the 2020 distribution was from an IRA account

2020 Form 8915E Line 17 -  Enter 1/3 of the amount from the 2020 distribution in both boxes for Line 17

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

[Prdiselane]

I did this step by step as you mentioned but it is not populating form 1040 line 4b. I also keep getting the message when I wrap up that this section (1099 R-retirement and investment section) needs to be revisited which I've checked over and over and I do not see anything wrong as I've answered the questions correctly and entered the information using the prior year's 1040 and 8915-E.

[AmyC]

Please go up to your black bar, select Online, select Check for Updates. The 8915-F has been updated. My program shows amount for lines 4b and 5b so yours should be working.

If that does not work, you can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

Since you are on desktop, go to black bar, click online > click send tax file to agent > number pops.

Reply with # here and @AmyC please

@Prdiselane

[trinee88]

Me too! I talked with TT on Sunday and they told me to wait 24hrs and re-download the tax file but sigh it is still not showing included! I already submitted my taxes so now I am not sure what will happen. I will be calling TT tomorrow again.

[DoninGA]

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@trinee88 wrote:

Me too! I talked with TT on Sunday and they told me to wait 24hrs and re-download the tax file but sigh it is still not showing included! I already submitted my taxes so now I am not sure what will happen. I will be calling TT tomorrow again.

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Did you already download the update?  If not, click on Online at the top of the desktop program screen.  Click on Check for Updates.

If your software is updated or is already up to date, then click on Forms.  When in Forms mode click on Open Form at the top left of the screen.  Type in 8915-F.  The form should be listed.

[trinee88]

I am using the online version not the desktop version, so I don't see those options. The form was available and I did the questionnaire and and put in 1/3 amt. etc. and reviewed and no errors and I transmitted and when I downloaded the tax file that form or the amts. are not included anywhere. So do I have to file an amend?