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

[BV79]

3/31 is ridiculous.  WTF are they doing at TT?

[BV79]

They are out. TT lies and says they arent, but if you badger them enough they admit it.  Its ridiculous.  Software is supposed to implement agile tactics.  This certainly is not that.  They should have had a beta ready based on the draft, then did a check at final release.  2 weeks at most, not 6-8

[BV79]

Stooooooopid TT.  Stop deflecting and admit you screwed up and/or dont have the personnel to complete the updates.

[KH0981]

I truly think it’s because of the whole “free filing” is done 3/31… so of course they will release it on 3/31 it’s just crap. 

[GrayMatter]

Had similar delay with form 8915-E last year...oh boy. I did not expect the same delay this year for essentially the same reason....poor planning.

[Ms_I]

There is this magical things called search engines where even a person with the most basic knowledge of the internet can look for alternate means of filing their taxes. I did it last week when I came here and saw that TT wont have this form available until March 31.

[Stephany27]

Yes freetaxusa.com has the form already, I file my taxes 7 days ago just waiting on refund

[DONNIE67]

Look what TT is pushing in its notifications area:

"File by February 28 to lock in your low priceTime is running out! File your taxes by February 28 and save up to $30."

[Anonymous]

@Ms_I  - Doubtful that we will have to wait until 31 March for the form.  That is the LATEST date that they will have the form ready by.

[cyndee5101]

Is there a way to prepay the rest of the taxes on my Covid distribution that I took out in 2020?  So rather than paying 1/3 can I just pay the 2/3 of the distribution?

[Anonymous]

@cyndee5101  - Absolutely.  Just re-pay at least 1/3 back in total per year before the filing deadline of each respective tax year.

34% -> 33% -> 33%

-or-

40% -> 50% -> 10%

etc.

[cyndee5101]

Oh you mean actually make payments towards my 401K directly?  

I actually meant to pay the taxes when I file the taxes

[fanfare]

To pay the final third amount of that tax , make an Estimated Tax payment for 2022 today.

[Anonymous]

@cyndee5101  - Ok, got you.  Sure but not the way you think exactly.  You would file your taxes and make an overpayment and then tell them to apply to next years taxes.

If you think about it you wont know how much to pay next year until next year.  Your earned income will be different, and taxes and deductions get changed for the next year all the time.

So lets pretend that you are in 22% bracket, and you are repaying $33,000 a year for three years.  Well you know that your taxes (IF EVERYTHING STAYS THE SAME NEXT YEAR) will be $7260 for that $33,000.

If your total tax is let's say $17,000, just send in $7000 more, for a total of $24,000 and have them apply the excess payment this year to next years return.

Hope that makes sense.  What a system, LOL,  We need a flat tax YESTERDAY. 

With the way the economy is right now, I would lean towards NOT paying off debt with a fixed interest rate (in this case 0%) now if I could.  Why not pay it off with inflated dollars next year?

[cyndee5101]

OK... gotcha!  but of course who's got that kind of money to pay in advance.... except millionaires which we are definitely NOT!  LOL - definitely need a flat tax for peeps who make under $500K.... that would help the system tremendously!  

I think I'll just keep it as is... I think much easier that way... LOLLLL

Thank you!