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

[TravisTractor]

@Anonymous 

Thanks for the feedback Mike. I don't know if I would blame the IRS 100% for releasing the form late. I think Turbo Tax should have been able to program part of the logic in advance since the logic was known since last year.

[Anonymous]

@HP853 Just as an aside, so people have a frame of reference.  Quick Google search:

"The Form 8915-E was released as a software update on 02/26/2021. It is showing on my Windows based 2020 TurboTax edition. But it will only be shown if you have entered a Form 1099-R and indicated the withdrawal was caused by Covid-19. If you entered a 1099-R, delete the form and re-enter..."

So we aren't even past last years release dat yet.  Deep breath in, exhale.

This is a complicated thing and takes time to do right.  Look at this IRS form, for goodness sakes.

[nettmann]

@Anonymous 

There is something fishy about Form 8915-F...! Perhaps that is the reason for the delay to correct the flaw(s)... I manually went through the form Twice with my numbers and for the tax year 2021, I owe Zero federal tax even though I paid taxes for the first 1/3 of my 401K IRA withdrawal in 2020 ...! How can that be...?!!!

In regards to the form, I think IRS took a big bite that they cannot swallow combining all the previous forms into One and now they are paying for the consequences...!

[Anonymous]

You are a bully. It's obvious since you are the one who replied and I did not mention you in my message.  Good advice, yes, but no need to attack anyone at all everytime they have an opinion.  Practice kindness.

[Lilyraes]

free file tax USA has form 8915-F up and ready to go for E-File. I went ahead and decided to use them today since TT is making their customers wait so long and H&R Block wanted me to pay to have their tax pro do it for me. It was quick and easy (and best part, free) and my taxes have already been accepted by the IRS. Something you may wanna consider rather than waiting for Turbo tax. 

[Anonymous]

@Lilyraes - Troll.  They are back. 

I will point them out as they post.  Slimy business practice to use Intuits resources to drive customers away and towards their product.  Look at the actual copy, written by a professional.

Disgusting.

[Petahwil]

This form still isn't available any update

[Lilyraes]

@Anonymous  my guy, what are you talking about? 🤨 I just thought it would be nice to let people know since I’ve been keeping tabs on this thread. Do what you want, wait however long you like idgaf. 🤷🏻‍♀️

[fanfare]

@TravisTractor 

The taxes you paid in 2020 does not matter a bit.

The new 2021 form is for computing your 2021 tax.

[sewell907]

Im assuming you mean FreetaxUSA. I'm assuming i did it right.  I entered the 1/3 amount answered yes when it says did i take this out for dist. due to 2020 qualified disaster so i click yes . I'm assuming since originally my box 7 is marked 1 i just enter that. I've also ran into this screen below 1 or 2 times it wants this info. Did you see these questions or did i just click something extra. 

Disaster FEMA Number:-

Beginning Date of Disaster:  ( mm / dd / yyyy )

Ending Date of Disaster:  ( mm / dd / yyyy )

Date of First Distribution in 2021:  ( mm / dd / yyyy )

Date of Last Distribution in 2021:  ( mm / dd /yyy

[jackseiple3]

I'm going to be patient and wait because I already have everything entered...just have to push a button (I'm lazy and dont want to put everything in with another tax software program).  Of course I need the money like everyone else.  I understand the frustration everyone has with this.  

My thought is since this is so delayed it would be nice if Turbotax/Intuit would extend their discount past the Feb 28th deadline they have....the least they could do for every one of the regular customers.

[Anonymous]

@fanfare   - So I think some don't get the concept.   I am going to try to roll up all the common questions here.

Firstly, remember last year Intuit had this form ready on 02/26/2022, so it's not a secret! and it took them that long last year, so no complaining about how slow they are etc.  ?

You either had them withhold tax when you made the distribution or not.  If you did, well then.  Yes you have to wait for the form to get repayment of over withholding and there isn't much you can do right now..

If you didn't have your financial institution withhold from the distribution then keep reading!

1) You were allowed to withdraw up to 100,000 from a retirement account.  

2) You can pay it back OR pay taxes on the amount over 3 years without penalty

3)  You have two choices of how it is treated by the IRS. You can pay taxes on it as income or pay it back:

  a) all at once for the year taken

  b) or carry forward 1/3 of the distribution as income into the next 3 years.

So bottom-line is you increased your income by 1/3 of the distribution amount for the next 3 years.  So, it is relatively easy to determine what additional taxes this event generated.

1)  Do your taxes with TurboTax without the CARES distribution added to your income.

2)  See what your refund amount is before the CARES act income is added in

3)  Look at TurboTax and find "TAXABLE INCOME" (this tells you your tax bracket)

4) now multiply your tax bracket percentage times 1/3 of your CAREs distribution

5) subtract your "refund" amount from CARES tax liability

6) make an estimated payment for TY 2021 to IRS for that amount.

7) There, you got your "refund" without even filing.

The only thing hard here might be trying to find your Taxable Income in Turbo Tax.  It isn't really that bad, you just have to browse the actual 1040 that Turbo Tax generates.

Also you DO NOT need your taxes to file FAFSA for student aid, AND you can update it later.

EXAMPLE:

$90,000 - CARES withdrawal

$30,000 - income brought forward for 3 years

15% - tax bracket (taxable income used to determine this)

$4500 - a year extra tax for 3 years

$2000 - "refund" before adding in CARES income carry forward

$-2500 - mail this to IRS - no money owed to either now! 

[Anonymous]

I'm assuming that you shouldn't use Intuit resources to support users of a competing product.  That is just common courtesy.

[cjob]

@Anonymous 

Agree entirely.  It's somewhere beyond tacky.  And it's evident that TT doesn't really have anyone watching their forums or they would block all these folks.

And given how off-base these poor souls are as to the functioning of this stimulus benefit they deserve whatever complications they create for themselves.

[stscallen]

LOL, actually, its NOT.  We could have a system where all this tax prep nonsense wouldn't even exist if not for greedy thieves like Turbotax.   Moving to a government prep system would save all of us and the government money.  Guess who spent a crap ton on lobbying dollars so they can dip their hands into YOUR refund?  

https://www.propublica.org/article/inside-turbotax-20-year-fight-to-stop-americans-from-fi[product k...

Turbotax, H&R Block, any tax prep site is basically just stealing from us. The least they could do is have a transparent, bug-free, and reasonably priced solution to do it.

This is one case where the US tax system isn't the villain.  But you go ahead and keep shilling for them.