When will the 2021 8915-f form be available on Turbo Tax to efile?

[dmarqtax]

Help me, you lovely people!

I also ran into the snag of needing to complete form 8915-F about two weeks ago when I tried to file, which isn’t yet available on TT.

However, when I logged in just now to check again, I got the snag alert once more but then it let me continue to file my taxes - which I haven’t yet.

My question is: the 1/3 amount of my 401k distribution was already captured as income in a previous question so I’m not sure why I got the form snag to begin with. Do I still need to complete the 8915-F form? I wouldn’t want the 1/3 amount to then be captured / reported twice on my taxes. 

@miragecrash  @Jrls57 @TravisTractor @ATMadd 

[fanfare]

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.

That's doubly true if you took a covid-19 related distribution in 2020.

We still don't know if TurboTax is going to put out an error-free implementation of Form 8915-F, do we ?

[fanfare]

@dmarqtax 

if you took a COVID-19 related distribution and divided by 3.0 (the default action)

you must file Form 8915-F.

[dmarqtax]

thank you for the response! - even if I would’ve preferred you telling me I didn’t need it 0:)

@fanfare 

[lmyers5317]

I have a question about what is considered repayment. So say you took the distribution in 2020 and you quit your job in 2020 and had no more taken out of your paycheck towards your 401K….to me that would be no repayment but if your job continued into 2021 and you continued to have a percentage of your pay taken out of your paycheck and put towards your 401K wouldn't that technically constitute some repayment? Like if I had nothing left in my 401k at the end of 2020 and now I have 14k just from what was deposited over the year 2021, would that be considered a 14K repayment; would I count it all as a repayment; would I count just the exact amount that came out of my paycheck; or would I count none of that, this would be very specific meaning that I would take a specific amount out of my bank and deposit it into my 401K. But that does not make any sense really since you make payments to your 401K from your paycheck….Can someone help me with this piece. Not sure what to do and would like to file tonight. 

[cyclewest]

401K contributions made from your paycheck (unless Roth 401K) are already not included in your income.  

If you took out the max ($100k) in 2020 as a disaster distribution, and were going to split it up over 3 years, then your taxable income on the distribution would be $33,333.33 each year.  For 2021, the max 401K contribution (under 50) is $19,500 and max IRA is $6,000.  If you wanted to repay the $33,333.33, you would have to classify the repayment separately as a rollover contribution so it doesn't count towards your max 401K or IRA contribution limit for 2021.  

If you didn't make any of these rollover contributions to repay your disaster distribution, then you would just pay taxes on the 1/3 of the distribution you took in 2020 each year for three years. 

BTW, I'm not a lawyer and this is not tax advice, just personal experience. I had to classify each of my repayments as a rollover contribution otherwise I would hit the max and the 401K/IRA administrator wouldn't allow it. 

[cyclewest]

My taxes went up more than expected.  When I printed the forms, it didn't include my repayment in the right section.  It was listed on line 25 instead of line 14.  The error check made me enter a description in section C, when the instructions specifically say not to enter anything in section C for coronavirus.  (I entered the 8915-E amounts from my 2020 return and repayment amount through the TT prompts.) 

Any suggestions on getting my repayments to show up in line 14 and actually reduce the taxable amount?

[cyclewest]

Figured it out.  

I entered the repayment amount into the second line of the TT prompt instead of the first and it populated on the correct line of the form.  Instead of "Repayment made to a traditional IRA, Roth IRA, SEP or SIMPLE plan" which went into line 25, I entered repayment amount into "Repayment made to any other type of retirement plan" and it went into line 14, and reduced my taxable income by the amount I repaid.  

[defray]

Good news. I was able to e-file this morning. 8915-f is finally ready to go!

[Smile1234]

How? I'm trying to file and is double asking me if I took a disaster retirement. I answer yes and it wants me to revisit 1099r. I was wondering if I need to add my 2020 1099 tax form?

[Smile1234]

Is also asking me disaster name?? Help

[Bbb432]

Mine was lowered ?? Why is it asking for 8915 e line 9 twice? 

[Bbb432]

My numbers were lowered? Why is it asking to fill out line 9 twice from 8915 e ???

[cjob]

@cyclewest 

Are you on the online version or the desktop version?  I'm on desktop and my software updated today and I can see the 8915-F if I search for forms but I'm not able to input anything into it when I try to complete manually.  Where did you access the form and did you populate the form directly or was there some type of step by step process for it?  Many thanks.

[Bbb432]

I am on the online version. It was prompted under 1099 r. It allows me to enter manually from my 2020 8915 e form but it's asking for line 9 twice which is making my federal lower significantly