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

[Bigbo]

Last year IRS didn’t allow you split the taxes paid into 3 years only the withdrawal and the only way to keep from paying more taxes in the other two years is to have them to hold some of your refund till the next year 

[TravisTractor]

I feel some people on this forum are missing the point of user experience in software. The whole point of simple data entry is to perform all the calculations so that there is little room for error on the user side. As a user I am asked to input data and the program should be smart enough to encounter most scenarios without any 1/3 calculations. Also when people talk about “form view” within Turbo tax you are once again making this complicated. My two cents. 

[fanfare]

If TurboTax was so smart, there wouldn't be any posts on this forum.

[fanfare]

@TravisTractor 

The taxable amount is not always 1 /  3,

particularly if you filed Form 8606.

[fanfare]

@DONNIE67 

IRS says:

If you believe or have evidence that your 2020 return has not yet been processed.

enter ZERO for AGI when you go to e-File your 2021 tax return.

[DONNIE67]

Yes thank you just entered $0.00 and it was accepted

[DC_33]

@DoninGA 

Do you enter your info for line 9 on the first or second option for it? 

thanks in advance! 

[DoninGA]

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@DC_33 wrote:

@DoninGA 

Do you enter your info for line 9 on the first or second option for it? 

thanks in advance! 

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Entered in both boxes for Line 9

[DC_33]

Has anyone else’s taxes just sky rocketed after entering the next 1/3 withdrawl information?? Last year I payed just under $100, and now this year I owe almost 2k! Nothing has changed on my end, aside from making $1000 more than last year 

[DoninGA]

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@DC_33 wrote:

Has anyone else’s taxes just sky rocketed after entering the next 1/3 withdrawl information?? Last year I payed just under $100, and now this year I owe almost 2k! Nothing has changed on my end, aside from making $1000 more than last year 

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You added 1/3 of the 2020 distribution to your 2021 tax return.  That is entered as ordinary income on Form 1040 either on line 4b or 5b.  This increases your total and taxable income and therefore increases the tax on the taxable income.

[DC_33]

@DoninGA 

I guess I’m just confused. Going over my 2020 return I see my first 1/3 on the 1040 like you had mentioned. So essentially 2021 would be the first year I’m being taxed on it? 

[cjob]

@DC_33 

Did you have taxes withheld from your withdrawal last year?  If so, 100% of the taxes withheld would have been applied to last year's liability while you were only taxed on 1/3 of the withdrawal. 

Did you get advance payments of the child care credit?  That could impact your taxes also.

[richpatrie]

Me too. Last year I expected to take the 1/3 hit. Instead, I got an excessive refund. This time I got hammered hard. I knew it was coming.

[DC_33]

@cjob 

I can’t remember the exact percentage off the top of my head, but it was definitely over 10%. And no child care credits as I’m single with no kids lol 

[DoninGA]

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@DC_33 wrote:

@DoninGA 

I guess I’m just confused. Going over my 2020 return I see my first 1/3 on the 1040 like you had mentioned. So essentially 2021 would be the first year I’m being taxed on it? 

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You were taxed on first 1/3 of the amount withdrawn on your 2020 tax return.  On the 2021 tax return you are being taxed on the 2nd 1/3 of the amount withdrawn in 2020.  On your 2022 tax return next year you will taxed on the third and last 1/3 of the amount withdrawn in 2020.