When will the 2021 8915-f form be available on Turbo Tax to efile?

[Anonymous]

I'm pretty sure you file 8915-E to pay your taxes on the income carried forward.  The 8915-F is to rport proata repayment BEFORE paying tac?  So if you need to pay taxes maybe should be looking for 2022 Form 8915-E

Don't hold me to this, but that's what I think is going on.  For my situation I am repaying it 335 per year so I need 8915-F

[Yogie]

8915-F is now available on the IRS site. For those of us that used the 8915-E to spread our IRA distributions over three years due to coronavirus, when will Turbo Tax have the new form loaded in Updates? Chart 1 on the form specifically deals with the 2020 Form 8915-E used for coronavirus / non-disaster use and lists the lines to complete on the form.

[alpierron]

No, the 8915-e is only for distributions in 2020. 8915-f is for repayment of OR adjusting income to reflect claimed distributions spread out over 3 years.

[Anonymous]

@alpierron 

Thanks for that, I should have looked it up a long time ago.  Ok, I get the difference now.  They are making it a "forever form" which won't get renamed everyear.  I found this on this online:

***

The IRS has provided draft Instructions for Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments. Form 8915-F is to be used to report

• Qualified 2021 and later disaster distributions,
• Qualified 2020 disaster distributions made in 2021 or 2022,
• Repayments of qualified 2020 and later disaster distributions,
• Income in 2021 and later years from qualified 2020 and later disaster distributions, and
• Qualified distributions received in 2021 and later years.

In the past, the nomenclature for Form 8915 has changed each reporting year with a subsequent letter of the alphabet. The IRS indicates in these instructions that Form 8915-F will be a “forever” form and will not be redesignated each year.

[alpierron]

At least the IRS had a little foresight to make the form transfer from year to year so we don't have to wait so long next year to finish repayment/income adjustment.

[jspra930]

That would make way too much sense. 

[alpierron]

I know it's easy to blame the IRS for the delays, and I still do, but perhaps with the delays processing last year's returns, they didn't realize how many people would actually need the disaster distribution form. So instead of cranking one out fast for 2021, they took more time to make it applicable for any year and multiple scenarios.

[Anonymous]

I agree at some point you just have to trust that people at the IRS AND Intuit are making priorities based on sound decisions, and then just roll with the punches.  For the most part it is out of the control of the average taxpayer, to include which software he wishes to use.  Their are only so many price points at the level od complexity that you need in software.  I would prefer if Intuit had it done already, but TBH I am perfectly fine with 03/31/2022.

[General Talia]

I entered1/3rd of my total from last year as a new 1099, and the amount I owe is disgustingly high. Will the 8915-F calculate differently than just dividing by 3 years?

[alpierron]

It's possible TT applied the 10% penalty to the withdrawal on your fake 1099. Try deleting that and adding 1/3 of your distribution to your W2 wages, if applicable. I think  that would be more accurate. When I tried this I added 1/3 amount to my fed/state taxable wages plus my ss/ Medicare wages. 

[Anonymous]

@General TaliaYeah is should be the same.  You are adding 33% of the distribution as income this year and are having to pay 15%, 22%, 24% (whatever) on the whole amount without any withholding on it.

  So yeah taxes could easily be $7500 or more.  This is why they disguise taxes by withholding from your  paycheck each pay period.  Could you imagine Americans writing checks of $5000 to $200,000 each year?  There would be a revolt. 

I used to get a kick at work, "How much tax did you pay?"  "Nothing I got a refund."  The majority of Americans literally do not know how much tax they paid, but only in the context of their refund or their underpayment.

This way the government makes it look like they are giving them money back, LOL.

[lease_auditor]

Will the form be available for desktop software or only for online filing? 

[marlo3]

I was on the IRS Website and it shows the form was released on 2-2-22, So how much longer before it is available in Turbo Tax?

[DoninGA]

---

@marlo3 wrote:

I was on the IRS Website and it shows the form was released on 2-2-22, So how much longer before it is available in Turbo Tax?

---

The date when the Form 8915-F becomes available in TurboTax has been entered dozens of times on this multi-page thread.

[joefish50]

when is 8915-f    disaster plan three year plan.what date.