cares act

[Family-7]

How do I report money I took out from using the Cares Act. I took money from my 401K in 2020 this will be the 2nd year I will reporting the tax penalties. I don't have a 1099-R to report the income nor does Turbo Tax have a question to prompt it. 

[KrisD15]

TurboTax had to wait until Form 8915-F and instructions were ready. 

TurboTax should be able to handle that on 

3/24/2022

It will be reported under

Income

Retirement Plans 

[Family-7]

When reporting income I received from my 401k that I’m paying penalties On over 3 years . Do I put 60,000 which is what I took out or just the 1/3 that I will be paying taxes on. What does the entries look like. Help please I can’t figure it out

[DavidD66]

Can you clarify please?  Did you file your 2020 tax return using TurboTax?  Did you file Form 8915-E to elect to report the income and pay the tax on your 401(k) withdrawal over three years?

[Family-7]

Yes , I did use Turbo Tax last year. And I elect the withdrawal over 3 years. Thank you

[Cynthiad66]

When the form is available it will prompt you on what to enter.  However, the amount to be taxed for the second year is one third of the total distribution since you reported one third on 2020..

The 8915-F is still in Draft mode but this information below is from the instructions.

Who Must File File Form 8915- F (2020 disasters) for the year you checked in item A at the top of page 1 of the form if any of the following apply to you for 2021 for your 2020 disasters.

• A qualified disaster distribution was made to you from an eligible retirement plan.

• You received a qualified distribution. • A qualified disaster distribution was made to you in a prior year that you are including in income in equal amounts over 3 years and the 3-year period has not yet lapsed. • You made a repayment of a qualified disaster distribution. When and Where.