When will Form 8915-E be available? TurboTax indicates "IRS instructions related to disaster distributions weren't ready in time for this release." It's been weeks now.

[wwatters]

Duh. I said I talked to them yesterday.

[benihana740]

Form 8915-E is available in the online version, but it does not let you make the income tax payments ratably for Covid-related Roth withdrawals. It says I reported $0 as a Covid-19 withdrawal when on the previous question I responded that ALL of it was due to Covid. If I check the box "pay tax on entire. . . ," it still shows $0 at the top, but it calculates the correct amount of tax, with no penalty, for the entire amount.

Hopefully, they get the issue with 1/3 payments squared away or I will have to use another software to do my taxes. Tried entering 1099-R in manually, amount keeps showing up as $0. 

Premier version online

[Shannara]

@wwatters  I'm sorry for your loss.

[Sunalmighty]

I have a quick question. i am currently doing my taxes, and i want to spread my COVID TAXES over a 3 year period.  there are two boxes in this section. 

box 2a - Taxable amount

and 

box 2b - that has 2 checkable options. they are as follows:

Taxable amount not determined box is checked

and 

Total distribution is checked

for BOX 2a, do I put the ENTIRE AMOUNT, or the amount equaling 1/3rd?

and 

which BOX should I CHECK?

Taxable amount not determined box is checked

or

Total distribution is checked

thanks

[wwatters]

I contacted them again today, and was told it is the IRS who is holding up the form being approved, but it is expected to be available tonight (around midnight), or tomorrow. I have never used another program to do my taxes, so I am hopeful that it will be available tomorrow. 

[Irene2805]

Check the boxes that appear on your 1099-R.  They have no effect on the COVID or disaster distributions.

TurboTax Online has been updated to include Form 8915-E. If you are using TurboTax CD/Download, the update should be available later today (2/25/2021).  

Go back to your 1099-R entry.  After the 1099-R entry screen, you should seen screens pertaining to a COVID-19 or a Qualified Disaster Distribution.  Enter the requested information to see if you're exempt from additional taxes on the distribution.  

In TurboTax CD/Download you will be prompted to download any updates available when you open the program.  You can also update the program while you have it open by following these steps:

1. Click on the Online link in the black bar at the top of the page.
2. Click on Check for Updates.
3. TurboTax will download and install any updates available.  If there aren't any updates, you will receive the message "Your software is up to date."

@Sunalmighty

[PA1989]

Two questions if anyone can assist;

1.       do you enter the 1099-R data or only complete the 8915 or both ?

2.      if you are spreading it out over three years, do you enter the entire withdraw when entering the info on the 1099-R or only a third of it ?

thank you!

[PA1989]

Hi.      Good info, question...

if you spread the tax over three years, do you enter the total withdraw on the 1099-R or only a third of it ?

and I assume the 8915 also then needs to be completed?

thank you.

[wwatters]

For both of your questions, you would enter information exactly as it is presented on the 1099-R. Turbo tax will generate for 8915-E based off of your answers to their questions, but it's not available yet. It will ask you if you are paying it over 3 yrs, so you wouldn't divide it yourself.

[benihana740]

They ask you this at a later step, so fill out 1099-R normally.

However, I couldn’t get the ratable option to work, though. The software is buggy. Hopefully they figure something out.

@Sunalmighty 

[ohplw]

The Turbotax handling of form 8915  has been addressed - BUT - is the State Turbo-tax automatically adjusted?  Is the distribution taxable at the state level?

[Sunalmighty]

I figured it out, thanks. Turbo Tax actually makes it easy.

[nolanwittrock]

@benihana740 I'm having the exact same issue.  It appears to be a programming error.  I've tried messing with many of TurboTax's different prompts related to the Covid-19 withdrawal, and no matter what I do it shows I'm reporting $0 as a Covid-19 withdrawal when I'm actually reporting a $98,000 withdrawal.  Then it is making me pay tax on the entire withdrawal, when my intent is to do the three year split.

Hopefully this issue is fixed soon.

[benihana740]

Mine is somewhere around $16k after subtracting non-taxable contributions. Amount shouldn’t have anything to do with it. Just going to sit tight on this one, give enough feedback to where they address it. Should be an easy fix. 

@nolanwittrock 

[yarik83]

Ok so I went into turbotax tools to see my ongoing 1040.

No, it is not showing a 3 year split anywhere. I went through entire 1040 with a fine tooth comb. It just does not. 

Only mention is on line 5b which shows entirety of the number that is taxable income that is stupposed to be split in 3 years. 

Where on turbo tax online page for 1040 does it specifically say that I am to be taxed 1/3 of amount listed on line 5b (which is total number to be taxed based on distribution)?