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

[paslaugh]

@lkd4027 I think I had this exact scenario. I took a 2020 Covid disbursement, elected to spread over 3 years, paid back the first 1/3rd before filing my 2020 tax return, then paid back the remaining 2/3rds in 2021. I did not pay any taxes on the distribution in 2020 or 2021, and the TurboTax software did not conclude that I had any tax due (which is the correct conclusion). Also, I reported the entire amount paid in 2021, the full 2/3rd, not just the 1/3rd payment to match with the 1/3rd of 2021 income. 

Per the 8915-F Instructions for Worksheet 5:

"Repayments reported on later returns. If you elected to spread the income over 3 years and you repaid more than the amount on line 24 of your 2021 Form 8915-F (2020 disasters), the excess will be carried forward to your 2022 tax return." 

[Kryptonian]

Use 8915-F instead though the worksheets may not seem entirely available yet.

[Kryptonian]

I think you should give Turbotax 6-7 more days so that the 8915-F worksheets work as intended. You are not trying to manually key in on the worksheets, right?

[fanfare]

If you import Turbotax tax file next year, it should all be there.

But if not (why would it not be?), you would make an entry for 1/3 paid back on your 2022 tax return.

[lkd4027]

@paslaugh Turbo Tax actually had me pay 1/3 of the taxes in 2021 so I was expecting when I put in that I had pay the entire amount back that it did not tax me but I also did not see where I'm getting back any of the tax I did pay.

[lkd4027]

@Kryptonian I'm hoping that is the case. I'll just keep plugging along but it's sort of frustrating trying to get these all done and inputted and I have to keep waiting for updates in order to file them correctly.

[paslaugh]

@lkd4027 I was able to file correctly, so I wonder if you don't have an input error from where you're supposed to put in your 2020 8915-E data. There's this really confusing question right at the beginning where it says that if you've checked the box on either item 9 or item 17 then you're supposed to input a zero, but then it's ambiguous as to whether you should put in the actual item 9 or item 17 figures or leave it blank if you don't have the box checked. You actually have to put the number in here, and it shouldn't be left blank. Then two questions later it asks you for the exact same item 9 or item 17 figure a second time, which appears duplicative.

What you have to do, if you don't have the box checked, is actually input the item 9 or item 17 figure twice, which of course makes no sense, but their software sucks, and it yielded the correct 8915-F result for me.

[JSH2728]

I did enter it twice, thought it made no sense but I did anyways. If I don't enter the total amount I took out and only enter the 1/3 amount twice then it works and I can file. If I enter total amount I get the FEMA and disaster section that I'm not supposed to because it was for covid.

[lkd4027]

@paslaugh Yep, I've tried it every different way and I need to check the box or it asks for another whole type of disaster which isn't any of them that I took. It's just screwy. It's like you fill out the boxes and I don't put that I paid anything back it taxes me the next 1/3 that is due which I don't owe anything and should be getting back what I did pay for 2021

[paslaugh]

@lkd4027 Thats really weird because checking the box I’m talking about on the 2020 8915-E is the election to NOT stretch the income by 1/3rds and to instead recognize it entirely in 2020.

But yes, the software is also broken a second time where if you fill out everything correctly about your COVID disbursement, at the very end it will ask you what the FEMA Disaster Name is (which it shouldn’t be asking you for at all b/c it’s already checked the Coronavirus box). I typed in Coronavirus, but didn’t realize until after filing and reviewing the 8915-F that the form literally tells you not to put this answer, and other people on this thread mentioned you can trick the software into filling out the form correctly by just hitting the space bar so no data shows up on the form for FEMA Name/Number.

[Maryann809]

When I'm attempting to enter my disaster reason, Covid-19 is not an option from the drop down menu.  I was specifically told it would be available for use for this purpose!

[paslaugh]

@Maryann809 I wasn’t prompted by a drop down. Also there are no 2021 COVID disbursements, so for me, you specifically had to answer that you did NOT take a 2021 disaster distribution (and also didn’t get a 2021 1099-R), which then led to the prompt about did you have a distribution in prior years, where I said yes, then it asked if it was coronavirus related and I said yes.

[Dwerkman]

It seems like the disaster name should be entered for Covid distributions based off the irs instructions. They said this is a known bug and will hopefully be fixed on the 30th. I am frustrated and might just try H&R. Maybe they got it right. They should at least send out a memo and help people manually correct it on the form when they have bugs like this so close to the deadline 

[paslaugh]

@Dwerkman Everyone's situation is a little different, but the fact that they prompt you to name the FEMA disaster name and/or number after you've told them it's coronavirus related is an error in the software. If you look at the top of at Form 8915-F Item C says "FEMA number for each of your disasters for the year checked in item B above. Use item D, not item C, for the coronavirus."

If you've answered all of the questions correctly about prior year coronavirus disbursements the box will be checked in item D where it says "If your disaster is the coronavirus, check this box X Don’t list the coronavirus in item C." After this box has been checked, the TurboTax software shouldn't be prompting us to input anything related to the prior year FEMA name or disaster number. 

I put in coronavirus when prompted because I didn't know it was populating in item C, and didn't notice it until after I filed my return (which was accepted). Others on this page when prompted for the FEMA name/number have just tapped the space bar so that the file populates correctly wherein item D box is checked and there's nothing represented in item C at the top of 8915-F.

[fanfare]

"Everyone's situation is a little different, "

 Not really.

A) either you divided by 3.0 for 2020 or you did not.

If you did not, Form 8915-F will not come up. (i.e. not needed).

B) either you paid some amount back before filing your return or you didn't.

Enter the amount you paid back.