When will form 8915-E be update and available for 2021 tax year?

[Anonymous]

Just spoke to a "tax expert" from turbotax. He told me the IRS form 8915F needed to file for the Cares Act coronavirus disaster distribution in 2020 (for 2021 tax year) will not be available on turbotax until 3/31/22. This is not good for those of us needing to file and submit financial aid for tuition before March 15th.  But, it is available on the IRS website. 

[rmagee]

Invaluable information👍

[msrite2020]

Can you please provide a site where we can go and sign up to receive alerts when form 8915-E will be available on Turbo Tax for tax year 2021?  I know a site was given last year; I signed up for alerts then and received them.  Or it may have been within the Turbo Tax community--regardless please let us know how to sign up for alerts.  Thank you

[HelenC12]

@msrite2020  Currently, there isn't a "sign up" available.

Form 8915-F Qualified Disaster Retirement Plan Distributions and Repayments is for use with your 2021 income tax return. For up-to-date status information, please see the following TurboTax FAQ: 

• IRS forms availability table for TurboTax individual (personal) tax products

Use Form 8915-F to report:

•  Qualified 2020 disaster distributions made in 2021 (coronavirus-related distributions can't be made after December 30, 2020);
• Repayments of qualified 2020 disaster distributions;
• Income in 2021 and later years from qualified 2020 and later disaster distributions; and
• Qualified distributions received on January 1, 2021, for the Washington (8593-DR-WA) disaster.

[Edited 02/15/22|11:28 am PST]

[KendallFan]

Best answer I’ve read yet. Thank you for your common sense! It’s not very common! 

[Gnielsen]

I agree that having to wait until the deadline to file taxes this year because I se TT has not updated their software us upsetting. I will not pay over $100 for this type of service.

[rkavanau]

Pulled straight from the current IRS Draft: 

"When Should I Not Use a Form
8915-F?
Reporting coronavirus-related and other
distributions for qualified 2020 disasters
made or received in 2020. This form
replaces Form 8915-E for tax years
beginning after 2020. Do not use a Form
8915-F to report qualified 2020 disaster
distributions made in 2020 or qualified
distributions received in 2020 for qualified
2020 disasters."

You will still use 2020 Form 8915-E
to report coronavirus-related and
other qualified disaster distributions
made in 2020 and to report qualified
distributions received in 2020 for qualified
2020 disasters

[Anonymous]

AND

Did you repay coronavirus-related distributions
for 2021? If you did, do not use 2021 Form
8915-C to report those repayments. Use new
Form 8915-F, Qualified Disaster Retirement
Plan Distributions and Repayments, instead.

[Anonymous]

LOL, I wonder why it's taking so long for Intuit, this doesn't seem very complicated. 🙂

[dbwynns]

I didn't take any withdraws in 2020 from my employer retirement, but I did some in 2021. All I'm trying to do is not have to pay 10% Penalties for early withdrawal. I have been told by TurboTax that is be using the 8915-E along with form 2210. Are they correct? 

[DoninGA]

---

@dbwynns wrote:

I didn't take any withdraws in 2020 from my employer retirement, but I did some in 2021. All I'm trying to do is not have to pay 10% Penalties for early withdrawal. I have been told by TurboTax that is be using the 8915-E along with form 2210. Are they correct? 

---

There are no early withdrawal exceptions for the Coronavirus in tax year 2021.  You enter the Form 1099-R you received for the 2021 distribution on your 2021 tax return.  The Form 8915-E was only used for tax year 2020. 

To enter, edit or delete a form 1099-R -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

[ajtya]

Do we use the 2020 -1099-R or will we get a 2021-1099-R for the 2020 Covid disaster distribution?

[Anonymous]

@ajtya - You get one 1099 in the year that the distribution was taken.  The various 8915 forms are to allow you to repay without penalty and/or pay tax over 3 years on a pro-rata basis.  I men the whole purpose of these forms we are all taklking about is so you can report to the IRS how YOU are choosing to pay taxes on it, or repay it, etc.

So one 1099 big distribution, 8915 forms over the next few years to carry that income forward.  Purpose being  so its not all taxable in the year it was withdrawn and/or allowing you to repay as a rollover for up to 3 years so you pay NO tax.

[ajtya]

Can you elaborate on the March 15 deadline for filing & submitting financial aid tuition. Thanks!

[Anonymous]

https://www.fastweb.com/financial-aid/articles/how-to-complete-the-fafsa-when-a-parent-didn-t-file-h...