The IRS released form 8915-E yesterday. when will it be incorporated into TurboTax?

[carolemarole]

Are there codes in box 7 that disqualify you from the penalty for early distribution?  I've tried everything to fix this.  Redownloading the software, updates, reentering the 1099-R info and "editing" the 1099-R info.

[DMarkM1]

There is no special code in box 7 for the Covid distribution on the 1099R.  You should enter the information exactly as displayed on your form. 

Once form information is entered the follow on questions will be: 

1. IRA boxed checked?  answer Yes or No
2. What kind of retirement do you have? Qualified or Non-qualified?
3. If you select qualified you will get another page "Do any of these situations apply? 
4. You should answer "I took this money out due to a qualified disaster (Covid 19). 
5. Then you will get more interview questions
6. Was this RMD? you can answer "No" since RMD has been suspended this year
7. Periodic payments?  Yes or No
8. Then the Covid 19 questions

[atoots3]

So, if I answer the questions at the end for covid; does this automatically fill out the 8915 e? I don’t have to do a separate form? 

[PattiF]

Yes, if you answer the questions about Covid, the form will automatically be filled out for you. If you have previously entered a 1099-R before Form 8915-E was available, then delete and re-enter the 1099-R.

[DoninGA]

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@atoots3 wrote:

So, if I answer the questions at the end for covid; does this automatically fill out the 8915 e? I don’t have to do a separate form? 

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As noted in the post directly above in this thread -

The TurboTax software will generate a Form 8915-E and include the form with the filed 2020 federal tax return.

[kmnok]

I made a covid-19 related withdrawal from my Roth IRA that was qualified under the Cares Act.

Since I'm over 59 1/2, I don't pay a penalty. And I owe no tax on this distribution.

Turbotax did not generate an 8915-E for me. I went over the 1099-R and the questions over and over and I am absolutely certain I answered everything correctly. Turbotax knows it was a covid distribution, but still did not generate an 8915-E.  

I'm concerned if I don't file the 8915-E this year, I will be unable to repay the distribution in a couple of years. Age should not matter, according to the instructions.  Or am I missing something?

[DawnC]

Yes, if you intend to repay the distribution, it needs to be on Form 8915-E.  Did you get the covid questions when you entered the 1099-R?   And what code is in Box 7?    Are you using the desktop software or the Online software?     @kmnok

You may want to delete the 1099-R and re-enter it.  If entered correctly:

1. It should show up in the Smart Worksheet that is in the beginning to 8915-E in Box C under Total Distributions and Distributions on 8915-E
2. It should also appear in Line 3 in columns A & B
3. Line 5 should be blank

[kmnok]

My 1099 for the Roth distribution was retrieved from Fidelity, and has the correct code of 'T' for it. All other fields are correct when compared it to the version I have at Fidelity.  I've deleted and re-added this form 3 times (and answered the covid-19 questions 3 times) in efforts to get TT to generate the 8915-e. There's no field I would change if I entered it myself.

The Qualified Disaster Distribution Smart Worksheet for this 1099-R does list it as a 2020  Coronavirus-related Distribution. The amount I gave is listed as qualified amount on line B of the same Worksheet. 

I'm familiar with Turbotax, have used one form or another for the last 17 years.  I'm using the online freefile version this year. 

But I wonder if there is no penalty or tax involved, does TT (or just the freefile version) simply not generate the form 8915-E?  Everything else on the return seems correct and as it should be, just the form 8915-e is not there.

thanks for replying.

[Cynthiad66]

If there is no tax or penalty there is no need for the Form  8915-E to be generated.  

We'll complete and include Form 8915-E 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-E and to be exempt from the early withdrawal penalty due to COVID-19, a few rules have to be met.

Use this link for additional information.

Form 8915-E

[fanfare]

@kmnok 

most likely the online free file version does not support Form 8915-E.

don't submit an incomplete tax return !]

there's other tax software providers out there that will file your federal for no charge, regardless of complexity or AGI.

[kmnok]

I understand you are saying there is no need for form 8915 if there is no tax or penalty. But, I had read through the instructions for 8915-E and other articles about it, and this is the first time I have read this. 

The form instructions simply indicate the form is to report a corona virus related distribution. 

The repayment is all I'm concerned with.  When I repay this to my Roth, if there is no record of its distribution, I am wondering how will the IRS know I am not making an excess contribution at that point. That is my concern.

Thanks for replying.

[kmnok]

I intend to look into this with another preparer because after studying the 8915-e form and instructions in detail, it doesn't state that if there is no tax or penalty, it isn't required.  

thanks for the reply.

[kmnok]

TT never did generate the 8915e for me, and yes I am aware of the covid conditions that need to be met.

Guess I'll find out how important the 8915e was, when I do the rollover in 2023 and the IRS never contacts me to tell me I did an illegal contribution.

[DianeW777]

Great news! The IRS created new Form 8915-F to replace Form 8915-E.  This form will be used for anyone who chose to take a distribution from their retirement and spread the taxable amount over three years.

It was recently (last week) taken out of draft and finalized.  TurboTax has an available date of March 31, 2022.  Continue to check the availability date by using the link provided.

• When will federal forms be available?
• What is Form 8915-F?

When entering your 1099-R in TurboTax CD/Download, you’ll be asked Was this withdraw due to Covid-19? On the next screen, it should ask you Did you test positive for the coronavirus in 2020? However, some users are reporting they aren’t being asked that second question.

We’re working to resolve this issue. If you’d like to receive progress status updates, sign up here.

 @kmnok

[Edited: 02/23/2022 | 5:36a PST]

[Marni116]

This 8951 E-T is very confusing.   I had a 401 k distribution and had the taxes deducted.  Why do I have to file this form and that was filed with my 2020 return