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

[cjob]

@Bbb432 

Thank you!  I wasn't able to find where it was.  Went back through F1099r section and a whole new interview section just opened up!

I input my line 17 twice and it seems to have worked.  The form appears to have populated correctly.  Did you double up a repayment somewhere?

[Bbb432]

It's not asking for line 17. It's asking for line 9 twice. I did spread my taxes over 3 years, but it took a lot away from my federal not sure if this is correct or not

[CHANCE2916]

Filling out the 8915F and it’s asking for the FEMA disaster number at the end of loose items and says it’s from form 8915E-S

[wolf822]

If you know your tax rate... it should be adding 1/3 of the amount you withdrew to your taxable income and applying the tax accordingly. You can ball park it and see if it's close, or double... I have to do this tonight I haven't tried yet.   i.e. you took out 10,000 and your in the 24% bracket, you would owe 2400, spread over three years it SHOULD be 800 each year...  You can pay more, or re deposit some or all of the borrowed amount back in your acount to reduce it.  Anyway that's my understanding and good enough for a sanity check. but not tax advice! 

[cjob]

@Bbb432 

Line 17 is the equivalent for line 9 for IRA distributions.  Same concept just different source of funds initially.

Have you repaid more than 2/3 of the amount you withdrew?  If yes, then you shouldn't have an increase to AGI this year.

[Ialnyien1]

At this point, Turbotax really has no defense on why this form isn't filling out correctly for those that took a COVID related distribution.

It asks for a qualified disaster name, and COVID is not listed as one of them, however in Forms view, you have the option of the COVID checkbox. Doing this creates errors in the return though with the system highlighting that you can't take a COVID withdrawal in 2021.

I'm beyond frustrated at this point, I've utilized this software for YEARS, patiently waited until 3/24 for them to release, only to receive a buggy form.

Anyone have a better workaround than going into forms manually?

[dmarqtax]

I entered COVID for the disaster name using my laptop and it went through / I filed.

[Potsey]

I'm not a tax expert but I went to the IRS site and checked last year's form and it says,  "For coronavirus, check this box. 􀁡 Do not enter a disaster name, a disaster beginning date, or an earliest distribution date below. Coronavirus-related distributions can be made on or after January 1, 2020, and before December 31, 2020."

Seems to me it's a bug.  

[VTkillabee78]

Hi Wolf,

Thanks for your answer and I understand what you are saying but am still a little confused.  Last year it added the relief to my salary i.e. I made 50,000 and took a 9,000 relief to spread over 3 years and the 3,000 was added to 50,000 and I was taxed on 53,000.  The way you state and what I have found is that it is taxing the relief money separately from my taxable income (salary).  BTW these aren't my numbers I am using generic figures as an example.  So last year my tax didn't come down as it did this year (around 700 dollars which makes since with what you posted).  Is this a mistake with turbotax or this correct.  I am confused as I made less money in 2021 then 2020 and yet this relief has significantly dropped my refund.

[wolf822]

Technically it doesn't tax it separately but it adds 1/3rd of your withdrawal as taxable income, subject to all the other taxes/deductions etc. so it's more complicated, but what I meant was it should wind up reducing your refund by something like the taxed amount on the 1/3 value.  If it bumps you into a hirer bracket or adds to much to your AGI for some other deduction it could be different.  Things I will look out for:

1. Did it accidentally add the ENTIRE amount instead of 1/3 to your AGI?
2. Did it charge the 10% penalty tax?

I don't know how much you can peak behind the curtain, but it should basically add 1/3rd your borrowed amount to your income and tax appropriately.  I was describing a way to ball park the difference I expect to see before. 

[VTkillabee78]

Thanks for your help!  It didn't bump me into a different bracket and I entered exactly what it said to but I think it is correct.  I ran the numbers myself and it seems to add up although I think it's weird to me that last year it didn't take out as much.  I think it will throw people off and I'm still not 100 percent certain.

[Anonymous]

Worked perfect, and took 5 mins to finish taxes.  TY TurboTax!  Quality takes time.  All this hand wringing and nonsense in the forums about how terrible Intuit is.  You still can't DIY with H&R.

Anyway, it's been fun.  See you all next year.  Guess I will buy it again?  

[TravisTractor]

I am using the Desktop installed software version and there is no drop down for COVID! FFS! What is wrong with turbo tax. 99% of the people are using this form for COVID and the COVID disaster reason is missing! 

[Jedi4380]

There's a checkbox on one of the earlier screens for COVID related distributions - I missed it too at first and then you can ignore the next screen.

[Jedi4380]

I need to dig in more but I don't trust the calculations at this point. Based on my reduction in refund, I'm paying ~28% in federal tax and ~14% in NYS tax on 1/3 of the distribution. The federal is off but NYS seems like it's double what it should be. There is no bracket around that percentage for NYS or Federal, so I gotta dig in more, but it seems high - especially NY's.