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How do you enter the 2nd third of the 401K distribution covered in the CARES Act?

We split the 401K distribution over 3 years and only paid the taxes on the first year. How do we enter the 2nd year in TurboTax? I bought the software, I'm not doing the online version. 

Thank you!

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3 Replies

How do you enter the 2nd third of the 401K distribution covered in the CARES Act?

See this post about the Cares Act

https://ttlc.intuit.com/community/retirement/discussion/pension-taxes/00/2400459

 

The ability to enter the payment has not yet been implemented in TurboTax. The IRS has not even released the form for it yet.  Once those forms are implemented you will visit the "Retirement" topic in the "Wages and Income" tab.  If you have Forms 1099-R for TY2021 distributions, you can enter them as usual. 

 

If not, you just select "NO" when asked if you received a 1099-R. 

 

At either point, you will then be asked about prior year "Disaster Distributions."  Follow the prompts from there to enter the second installment of your distribution.  

How do you enter the 2nd third of the 401K distribution covered in the CARES Act?

The new 8915-F for form that is still in the draft stage at the IRS and might not be released until March sometime.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

How do you enter the 2nd third of the 401K distribution covered in the CARES Act?

Thank you for both answers. 

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