Form 8915-F is available from the IRS but It is not available in turbo tax online. Why and when will it be available?

[jt040900]

Just talked to them and they said the form is available but not ready to efile until 3-31 you can only paper file now with that form which doesn't make a bit a sense. 

[u096469]

when i did the walk through this morning, it asks for info from 8915-E from last year.  It asks for info from line 17 twice, why is that? is this an error?

[lmd2281]

I am having the same problem when we also paid taxes up front. I chatted with a TurboTax agent for an hour and 15 minutes and finally she came up with the answer that the form needs to be updated yet again and the new version will be in their system next Thursday 03/31/2022 and should show the correct information then. Not entirely sure I believe that, but I'm for sure not submitting until something makes sense. 

[lmd2281]

Looks like they screwed us over, even though they are breaking down the withdrawl over 3 years, it looks like they added all the taxes paid up front to the first 1/3 on last year's return instead of also breaking that down over 3 years. So now it's wanting us to pay taxes on that second 1/3 again when we shouldn't be. 

[DoninGA]

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@lmd2281 wrote:

Looks like they screwed us over, even though they are breaking down the withdrawl over 3 years, it looks like they added all the taxes paid up front to the first 1/3 on last year's return instead of also breaking that down over 3 years. So now it's wanting us to pay taxes on that second 1/3 again when we shouldn't be. 

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The tax code required that all federal taxes withheld on the 2020 distribution be reported on the 2020 tax return as a tax payment.  The federal taxes withheld on the 2020 distribution could not be spread over 3 years, only the distribution.

[lmd2281]

@DoninGA Doesn't that essentially make us pay taxes on it twice though? 

[Anonymous]

You didn’t report entire distribution as 2020 income, only 3rd of it. So if you’ve had entire tax amount withheld upfront (which I’m not sure how would you), you’d still get it back as a refund in for 2020 tax return since only 3rd is reported as part of the income that year. And forget about TT, use freetaxusa, took me 1.5hrs to input everything in and already received my refund.

[DoninGA]

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@lmd2281 wrote:

@DoninGA Doesn't that essentially make us pay taxes on it twice though? 

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No.  You had the taxes withheld reported on the 2020 tax return which should have given you a large increase for the 2020 federal tax refund since only 1/3 of the distribution was reported on your 2020 tax return as taxable income. 

Ideally you would have saved 2/3 of that 2020 refund and used that for any increase in taxes on the 2021 and 2022 due to the 1/3 of the 2020 distribution being added as taxable income on the 2021 and 2022 tax return.

[Saltymomma111]

This is why I’ve been considering amending 2020 to include the whole withdrawal amount. I wish I would have thought about it or there would have been more guidance and instructions last year.  I know it made my refund larger last year having included the prepaid taxes but only 1/3 of the money.  I would definitely rather have had my refund a little less last year and been done with it 

[fanfare]

@Saltymomma111 

 if you amend 2020 to check the box for all at once, you will be paying tax on 2/3rd now instead of tax on 1/3rd now.

Does that make any sense?

You made your bed, now you must lie in it.

[hickey_jack]

I don't think things are set up properly with 8915-F.  I can enter my repayment of my IRA distributions but when I go to the credits section it again says I need to enter my IRA contributions even if they are repayments and then it flags my for exceeding the $6,000 contribution limit.  

[fanfare]

@hickey_jack 

 do not enter again any repayment as a contribution.

That would be wrong.

[hickey_jack]

I appreciate your response,  are you confident about that?

[fanfare]

 It is not a contribution.

The only place for COVID distribution repayments is Form 8915-F.

[Saltymomma111]

@fanfare No it doesn’t make sense to me. If the whole withdrawal would have been on my 2020 return it would have only been $300 more in taxes owed for it after what I prepaid, compared to this year adding on 1/3 it’s making me owe over double.
had I known or realized I would have put it all in there last year. Yes it’s my mistake but there wasn’t much explanation last year when filing.