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

[Taxrookie3]

I think I worded my question incorrectly. So my scenario is, let’s say I took out 30k, decided to split it with last tax returns. So I only claimed 10k as income. Can I now claim the full 20k with the return or am I locked in with 10,10, and 10 each year? 

[fanfare]

"I think I worded my question incorrectly. "

I guess so.

the only option (default) was to divide by 3.0 and now put one third on 2021 tax return. and later one third on 2022 tax return.

[JRmamacat]

If you use the balance of the original 2020 1099-R total draw less the amount claimed on the 2020 return. They should be able to see that you will be done claiming the income in 2 years vs taking all 3 years. 

The advise to pay back the money to the pension isn't really an option unless the Pension Plan has it set up as a loan VS a DRAW (which is why you have to claim it as income)  A pension loan is NEVER considered income unless you don't pay it back and or close it out.

[lovebirds0428]

I can't find form 8915 F.     we had selected for all  of it to be applied last year in our taxes .   we just got a refund from 2020 taxes as they split it up  into 3 years .   so now I have to amend our taxes from 2021.  ugh. and need this form. its not available yet on turbo tax though it said it was due to be released 3/31.      also my question is  I understand splitting the amount by 3 years .  but what about the taxes we paid on it.    I am waiting for a detailed transcript from Irs for the adjustments made on 2020 return.    frustrated.   thanks 

[JRmamacat]

The actual form does NOT show up in the list of forms or if you search for it.  It appears to be generated when you are able to complete the instructions (that they have not made available) in the 2021 program. Your situation may be a bit difficult as you are needing to do an amended 2021 return The taxes you paid on it with either what was withheld or covered from a normal refund from other income is not carried over into 2021 or 2022. This seems to be one of the biggest issues that people are having this year with owing taxes when they didn't for 2020. You will probably need that money to pay for the amended 2021 return.

You can PM me if you have question when you get the documents from the IRS.

[fanfare]

a covid-related distribution or a disaster distribution is not a loan.

a repayment of some or all of that is not a loan payment and is permitted within the three year period.

if you divided by 3.0, you are going to report one  third on your 2021 and 2022 tax return,

unless you amend 2020 to check the box to stop the division.

That would result in an immediate large tax bill and it makes no sense to do that unless you repaid 100% already.

Given the current IRS situation, an amended return is to be avoided.

[04MITevo]

I am having issues with 8915E/F Form and when i contacted TT Live help they told me to contact the IRS if i did not receive it in the mail by Monday as it has gone out this past week? Anyone know?

I pulled some annuity out in 2020 and when filing taxes for it i had to file a 8915E Form for the Qualified 2020 Disaster Distribution. I chose to pay 3 times over 3 years.

First problem is "Which disaster affected you in 2020?" Scrolling down i see nothing for Coronavirus. So i leave it blank and continue. It will reappear once I've finished Federal and ask for this info again as well as the start and end date of the disaster....

Now the biggest issue I'm having is a few steps later "Do you want to pay tax on the entire 2020 disaster distribution this year?"  No. I intend to spread over 3 years and pay taxes on 1/3. This being the 2nd year paying taxes on it, and finishing next year.  However it says "You reported $44,571 as a Qualified 2020 Disaster. Due to tax relief for victims of disasters, you only have to pay tax on 1/3 of that amount  ($29,714) on this year's return, minus any repayments you made, with the rest reported over the next two years."  1/3 is $14,857, which is what i paid taxes on last year. Which does not make sense to me.

Any help will be appreciated.

[JamesG1]

These are not questions that I have seen.  In TurboTax Online, I recommend that you access qualified disaster distributions by following these steps. 

• Go to Federal / Wages & Income / Retirement Plans and Social Security / IRA, 401(k), Pension Plan Withdrawals (1099-R).
• Click Start / Revisit to the right.
• At the screen Did you receive any 1099-R forms? select No.
• At the screen Have you ever taken a disaster distribution before 2021?, Click Yes.
• At the screen Did you take a 2020 Qualified Disaster Distribution?, enter 8915F and 8915E information.

Also report that:

• I did not repay any 2020 Qualified Disaster Distribution in 2021.
• I did not report a disaster distribution in 2017, 2018 or 2019.

You may view the distributions on the 2021 Federal 1040 tax return at Tax Tools / Tools / View Tax Summary / Preview my 1040.  You may view Form 8915-F at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

Form 8915-F Part II distributions may be found on line 5b of the 2021 Federal 1040 tax return.  The distribution is not reflected in box 5a.  See entries for Part II of Form 8915-F on lines 12, 13 and 15.

Form 8915-F Part III distributions may be found on line 4b of the 2021 Federal 1040 tax return.  The distribution is not reflected in box 4a.  See entries for Part III of Form 8915-F on lines 23, 24 and 26.

@04MITevo

[nitalbynum]

When will the complete 8915F form be available on the program I purchased in store, It is April 10 already.

[CarissaM]

You can view the forms availability page here. This form is available currently with the software. Depending on the version you need it may be unsupported for e-file. 

You may need to follow the instructions here to perform a manual update on the software. 

Please let us know if we can assist you further. @nitalbynum

[archivist49]

The 8915-f form became available around March 17th for my version of Turbotax, a purchased digital download version. I opened a Turbotax file to enter in my tax information before I got the 8915-f form, and found that when I had access to the form, I could not easily get Turbotax to integrate the form into my already filled-out tax return. I ran the software update just to be sure the form was included (it was). Finally, I discarded the original Turbotax file and I opened a new file to start over, and the 8915-f form was available and working. I e-filed my taxes with Turbotax, easily, and my tax return was accepted and my refund approved within 10 days. I am very pleased, considering it took the IRS a full 4 months to give me my refund last year. Long story short, the form worked with my version of Turbotax, and it e-filed without problems, but I had to begin a new file. The IRS found no errors and processed my return.

[CarissaM]

So happy to hear things went much better this year! @archivist49

[JRmamacat]

I think you've entered too much info for Turbo Tax

According to your numbers you claimed $14,857 for 2020.  This will be the same amount for 2021 and 2022. 

I think you may need to Delete what you entered.

This is the process you need to follow (it almost doesn't make sense , but then it does)

Visit the 1099-R income item, when at asks "did you receive a 1099-R? " Answer NO

Did you take a disaster draw in a previous year?  Answer YES

it will bring up another page with several boxes about the 2020 return numbers, 2 different sections

check the box for COVID

depending on the type of retirement plan reg IRA LINE 9 fill in both boxes with the same amount

or SEP, Simple IRA box 17 enter in both boxes (according to the lines on your 2020 return.

Hopefully you can see the attached image screenshot from Turbo tax.

[JRmamacat]

@04MITevo 

See my above response, I forgot to tag your user name.

[JamesGardner911]

Did we ever get a solution to this problem?  My current form is called 8915F-T. 

I have tried entering the data many ways, but the software never seems to "Include this amount in the total on line 5b of this year's form 1040" as it says in the instructions on the paper form.

If I enter an amount into 2020 Form 8915E, line 9, IN BOTH PLACES

AND

enter an amount into 2020 Form 8915E, line 17, IN BOTH PLACES

the software transfers the figure to "Form 1040, Line 4b, Taxable amount, "

HOWEVER

The amount on "Form 1040, Line 5b, Taxable amount" DOESNT add up to the amounts on my 1099s, but the difference is less than the amount entered on Form 8915E

All I know is, ITS TAX DAY!!! WTF

I am a retired public safety office (PSO) with non taxable pension (in MA anyway).  I wonder if that has anything to do with it.