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

[Anonymous]

It seems like you can repay even after you paid taxes on the first third.  But the way I read the rules, that part a bit vague.

So lets say you took the whole $100,000.  If you paid tax on $33,333 last year, you could repay 1/3 as a rollover/repayment to ANY rollover IRA or 401(k) (not the one it came out of necessarily) this year and not pay any tax this year.  It is coded as a rollover on the Form 5498.

Then next year you could repay or pay the taxes.  Very flexible.  But make sure first  by doing research, don't take my word for it.

[briolatj]

Whatever you 2020 8915 installment plan says

[cjob]

@Anonymous 

I've always read it the same way.  Three years to repay the taxes and/or 3 years to repay the amount withdrawn.

[APP1NAG]

well I am retired so no penalty regardless, and I am getting a refund -thanks for reply

[gregfaulhaber]

You have to pay Intuit ahead of time?  Online version doesn't make you do that.

[carver44]

I don't  think the timing  matters, your 1099R should say 2021.  If it doesn't and say 2020 then apply it anyway..  You'll be asked on turbo tax is you had a covid-19 disaster distribution from your 401K distribution for 2019,2020,2021.  I believe once you say yes you will then be prompted to select how you want the taxable portion paid back.  All at once or spread over 2 or 3 years, 3 being the max.  I hope this helps.  

[BarryGraham]

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@gregfaulhaber wrote:

You have to pay Intuit ahead of time?  Online version doesn't make you do that.

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Yes, for the desktop version, which is what I use.

[alicrane]

I think this has been updated? Says it will be available 3/24/22 now if I'm reading it correctly... 
https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...

[macuser_22]

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@alicrane wrote:

I think this has been updated? Says it will be available 3/24/22 now if I'm reading it correctly... 
https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...

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Yes, they moved it to an earlier update.

[nettmann]

@alicrane 

The link says the form will be available both for print and electronic filing... If this materializes, HR & Block should follow the suit and have it available for print as well as efiling... Otherwise, if only printing is allowed, which they said it is the case, expect lots of their customers quit using their software and would migrate to TurboTax...!

[Anonymous]

@nettmann People have reported here that H&R Block only allows that form to be prepared and submitted by one of their "tax professionals, for a $65 upcharge.  This is what I have hear second hand.

[Anonymous]

@macuser_22 I suspect that 03/24/2022 will be the actual date.  I wouldn't expect to see it sooner now.

[APP1NAG]

Block sucks. Been with them for 20 years. Will most certainly switch for 2022 tax year. They are not supporting 8915f for software version. They say the online version supports it but after spending $35 for software, I’m not spending more $ for their online version. Spoke with a good CPA who said his “pro” software treats it like another 1099r and we could do the same. That’s assuming you split the distribution over 3 years and are not paying back anything to defer taxes. 

[nettmann]

@Anonymous 

"People have reported here that H&R Block only allows that form to be prepared and submitted by one of their "tax professionals, for a $65 upcharge. This is what I have hear second hand."

What that tells you is they already incorporated the 8915-F form in the software of their pro agent computers and they efile it for you for $65...!? Preposterous...!

I was told the print-to-file version of form will be available in early March. However, it wasn't included in their 3/3 federal update...! Either way it is unprofessional to treat their customer like that and they will lose some of them...!

There was a time that the only reliable tax software to use was TaxCut and then TurboTax and then HR&Block... But nowadays thing have changed and lots of Online Tax Prep Software companies have become a safe source for public to do their taxes and for some tax scanarios, even better than TT and the Block...!

[BarryGraham]

I tested it last year with the correct 8915 form and based on that I don't think you will get the correct deduction unless you use the 8915F.