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

[bolive]

I asked on a live chat and didn’t get a definite answer but the expert I was talking to said that if you filed last year with TurboTax it should just be an extension off that. 

[macuser_22]

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@A70farmer wrote:

Question has already been asked - but I'll try again since there was no answer. Once the 8915-F is available, do we need another 1099-R, or just continue working off the 2020 1099-R for the CARES Act withdrawal?

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No 1099-R will be issued.

[sebaz1994]

If u did the 1099-R with withdrawal on last year's taxes and choose to do it over 3 years.

Do you still have to enter 1099-R for this year to get the 8915 for to generate?

[macuser_22]

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@sebaz1994 wrote:

If u did the 1099-R with withdrawal on last year's taxes and choose to do it over 3 years.

Do you still have to enter 1099-R for this year to get the 8915 for to generate?

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No, but you go to the 1099-R interview and it will ask if you have a 1099-R to enter - say no and then it will ask if you had a disaster distribution - say yes.  It will take you to then 8915-F when it is ready.

[sebaz1994]

Thanks

[Mhenly]

You use the 1099r from 2020

[macuser_22]

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@Mhenly wrote:

You use the 1099r from 2020

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No, you do not.

You simply go to the IRA distribution section in TurboTax and it will ask you if you received  2021 1099-R.  If  you did not then answer NO, and then it will ask if you had a prior year disaster distribution - answer YES. That will give you the screen to enter the 8915-F data.

[Mdelong1375]

My question is will a new 1099-R form be issued if I took the cares act withdrawal in 2020, but choose to pay over 3 years?  Was the federal tax withheld in 2020 also applied over the 3 filing years, or was it applied fully on my 2020 return even though I opted to spread the tax over 3 years?  

thank you for any feedback. 

[DoninGA]

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@Mdelong1375 wrote:

My question is will a new 1099-R form be issued if I took the cares act withdrawal in 2020, but choose to pay over 3 years?  Was the federal tax withheld in 2020 also applied over the 3 filing years, or was it applied fully on my 2020 return even though I opted to spread the tax over 3 years?  

thank you for any feedback. 

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No, you will not receive another form 1099-R for the distribution from 2020.  The federal taxes withheld on the 2020 Form 1099-R was only entered on the 2020 tax return as a tax payment in 2020.

You will be asked in the section for entering a 1099-R if you received a form in 2021, if you did not then answer No.  The program then will ask about a Coronavirus distribution in 2020 which you would answer Yes.  It will then take you through reporting the 1/3 of the amount received on your 2021 return. 

Those questions will not be asked until the Form 8915-F is available from the IRS.

See this TurboTax support FAQ for the 8915-F - https://ttlc.intuit.com/community/retirement-tax-credits-and-deductions/help/what-is-form-8915-e-qua...

[Shavonne]

So the form want be ready til March🤦🏾‍♀️ I gotta pay my son tuition.

[macuser_22]

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@Shavonne  wrote:

So the form want be ready til March🤦🏾‍♀️ I gotta pay my son tuition.

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Nobody knows.  Could be sooner, could be later.

[jennifer-kayer]

That would be nice. So basically to make out 2nd payment we have to wait for new 8915f? So frustrating. 

[SDK4]

I filed the fist year in 2020 .. I understand I will not receive another 1099r but everything says to enter it for 2021 and wait for the 8915 form .. will I enter the same 1099 from 2020 ?

[defray]

I totally agree with you. Turbotax should have some sort of alert in their software to let people know that they need to file 8915 f!  After I did my taxes, I realized that I had not accounted for the other third of my Covid hardship withdrawal that I took out in 2020. Nothing in the software alerted me. It is only when I went back to look specifically for it, did I find it. Turbotax has to do better.

[defray]

Frustrating to say the least. I am going to reach out to my local congressional office in the morning. If I took out a hardship withdrawal, obviously I needed the money. Why would they now make me wait for  a form that they recently created, as if tax season wasn't coming, and then say it won't be expedited since it is one of the forms that people rarely use??? Priceless.