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

[BarryGraham]

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@MSoldtimer wrote:

Looking through all the comments on this subject, it appears most of the concerns are about spreading the tax liability over three years and the delay in having the 8915-F form available. The concern I have is waiving the 10% penalty for year 2021 like they allowed for 2020. The form on the IRS site clearly states in the instructions that it is not to be used for coronavirus:

"Coronavirus-related distributions. You can only report qualified disaster distributions for disasters listed in item C. Coronavirus-related distributions can’t be made in 2021." 

Does anyone know if this might change? It is a huge impact for someone furloughed due to the pandemic to now have to pay the 10% penalty for taking out money they needed to survive.

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I am sorry about your job situation. Sadly, the waiver of the 10% was only for 2020.  I doubt this will change.  In my opinion it should always be the case that there would be a waiver of the 10% for a job loss, but that is not how it works at the moment.

[BarryGraham]

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@TomK100 wrote:

Similar 8915 forms are tentatively available 3/17/22.

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So Tom's estimate that started this thread is no longer correct.  I verified from the link given that it is indeed due now on March 31st.

[EbonyA]

It was tentatively 3/17 and yes correct it is now slated to be finalized on 3/31/22 @BarryGraham.

[Nyc girl]

The Cares Act was passed and only covered early withdrawals that were made before December 30, 2020.  This will not change.  This specific form is for those of us that did and are spreading it out over 3 years.  It does not apply to any early withdrawals in 2021 and this will not change

[Nyc girl]

In looking through my files from last year, seems like mine was finally filed March 12.  Once the form was finally added, I had difficulty with my NY state return.   Hoping this year's form is available before March 31!  And there are no issues filing when it is finally available

[Jedi4380]

IIRC, my NY state return was rejected because of it but TT actually handled the refile pretty smoothly and I believe I got my NY state refund well before the federal one. And it never worked out like that before. Since the tax code changes in 2017, it’s been different anyway with the way the state handles SALT. 

[McCarter21]

We read it but you didn't answer the question as to when it would be available to file electronically. Do you work with TT?

[wolf822]

@MSoldtimer   NOT a tax expert, but as far as I know like many other COVID relief items the window for that disaster withdrawal closed with the 2020 tax year.  

[juggygales]

You're not going to get an answer. They are going to keep at 3/31 so they can update it a little earlier and say look how great we are we said 3/31 and updated 3/17 even though they'll be like a month behind other companies. 

[wolf822]

Saw the same 3/17 date.  This may be my last year with TurboTax starting over from 0 in another platform is too daunting this season, but this is late late late... 

[Jamestren]

I think there’s some confusion here. No new withdrawals can be taken out for Covid related disaster relief. However, the 10% penalty was waived for the entire withdrawal. This is regardless of whether you took the tax hit in year one or spread over 3 years.  

[Jenmacsher]

Hey so if I didn’t do any coronavirus virus withdraw, but just a regular one due to no longer being an employee of that employer, does the 8915 form apply to me? Because it’s waiting to be finalized but I didn’t get any coronavirus withdrawal money. 

[DoninGA]

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@Jenmacsher wrote:

Hey so if I didn’t do any coronavirus virus withdraw, but just a regular one due to no longer being an employee of that employer, does the 8915 form apply to me? Because it’s waiting to be finalized but I didn’t get any coronavirus withdrawal money. 

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No, it does not apply to you.  So where asked if you had any disaster related withdrawals answer No.

[Jenmacsher]

@DoninGA Okay thank you so much for responding and I did select no, but it still says it’s waiting to be finalized, so am I just waiting until it updates, because they want me to pay $119 but I’m not sure if the refund amount is approved yet.

[Basin]

Question. I took out against a 401k for Covid. I did not spread it across 3 years and paid it all last year. Do I still need to wait for the form? I see a lot of insight on when it’s just spread accross 3 years.