When will form 8915-E 2020 be available in turbo tax?

[macuser_22]

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@smbosworth wrote:

I have done that - and the paper form gives me $7,723 as taxable, but TurboTax is putting $13,331 on that line instead.  Is there a problem with the program?  How do I get TurboTax to look at it?

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Your math is incorrect.     The total distribution 1099-R box 1 is 22,723 and you paid back 15,000 that leaves (22723 - 15000) = 7723 as taxable, but 1669 of that is your own non-taxable contribution, (7723 - 1669) = 6015 as the 1040 line 4b amount.

[macuser_22]

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@smbosworth wrote:

Crazy...I am so frustrated - I have deleted and re-entered several times.  Then, I actually deleted the whole return and started from scratch and am still getting the same thing.

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OK - here it the whole sequence when I do it - what are you doing that is different?

[smbosworth]

That is exactly what I did - although the numbers are actually  Box 1 $24,391.99 and box 2 is $22,723.14.

But 5b is $13,331 - how do get those views - I could cut an paste and show you.

[VTCATS]

I'm taking the option of spreading out my withdrawal over 3 years (resulting in a large refund, as opposed a very large amount owed).  My reasoning is because my income in 2021 most likely will be much lower than 2020.  Does Turbo Tax offer a way to "estimate" next years tax return?  Meaning, at some point this year, I'll get a better feeling for my income (I work in sales) and would like to do a "mock" 2021 return to determine how much I'll owe in taxes so I can potentially have my company withhold more tax (I assume that is an option).

[smbosworth]

Thanks for taking the time.  Here are my screen shots: I still don't get it....

[macuser_22]

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@smbosworth wrote:

Thanks for taking the time.  Here are my screen shots: I still don't get it....

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I think I see a problem. 

The word "ROLLOVER" is next 1040 line 4.

You did not say you moved the money did you?    This is NOT rollover.   You must say you took the cash.

[macuser_22]

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@macuser_22 wrote:

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@smbosworth wrote:

Thanks for taking the time.  Here are my screen shots: I still don't get it....

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I think I see a problem. 

The word "ROLLOVER" is next 1040 line 4.

You did not say you moved the money did you?    This is NOT rollover.   You must say you took the cash.

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I tried it in the online version and it worked fine for me.

This screen must be entered like this.

[smbosworth]

So we did put it in a IRA - the bank told us that it was the same as repaying the withdrawal to the 401K as long as it was within the time frame.  Is that not so?  Does that make it a rollover as opposed to repaying?  Will we have to pay tax on the whole withdrawal since we put it in the IRA? 

[macuser_22]

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@smbosworth wrote:

So we did put it in a IRA - the bank told us that it was the same as repaying the withdrawal to the 401K as long as it was within the time frame.  Is that not so?  Does that make it a rollover as opposed to repaying?  Will we have to pay tax on the whole withdrawal since we put it in the IRA? 

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Hang on.....I think there is some confusion between a rollover and a COVID related distribution.

If you simply rolled all or part of a Traditional IRA distribution  back to another Traditional IRA within 60 days then that is a simple rollover and is NOT a COVID-19 related distribution at all.      The part you rolled over is  not taxable only the part you did not rollover is.

You only enter it as COVID related if you want to spread the repayment and tax over 3 years.   

Unless you want to treat the part NOT rolled over as COVID related - then you must split the 1099-R into two 1099-R's with the pro-rated portions for different things on each 1099-R so the total of both equal the original - TurboTax cannot handle two different  destinations on a single 1099-R - (that is not supported).

[smbosworth]

Perfect solution!  That puts everything in the right place!  Thank you so much for your help!

[bjsteele1128]

I thought this form would be in Turbo Tax by now. I opened my program this morning and it is still not available. When will it be there? I use Home and Business as we have an LLC and rentals.

[sgascoig]

Form 8915-e is available but I am still getting an error on my state return bc its saying this has not been updated yet, and that yall are still working on it.....My taxes are done/everything entered but I cannot submit them bc this is NOT done. When will I be able to fully e-file my taxes?

[bjsteele1128]

What version are you using?

[sgascoig]

How do I find that.

[JamesG1]

IRS Form 8915-E Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Use for Coronavirus-Related and Other Qualified 2020 Disaster Distributions) is available.

Your state may not be conforming to the most recent legislation and returns for those states cannot yet be e-filed.

@sgascoig