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

[tjthomson]

@DoninGA Thank you! That's what looked like happened, so I appreciate your clarification! That's going to hit my taxes pretty hard. YIKES!

By "regular income" I assume it's going to be taxed normally, like I had another job that year, but NOT get hit by the 10% early withdrawal fee.  Is that correct?

[DoninGA]

@tjthomson That is correct.

[Stoney09]

I'm not sure that is correct, a friend has already done with Taxslayer couldn't wait for TT and the 10% penalty was taken away from the whole withdrawl, and the balance was split for this year. So for ex: she took 18K 6 was paid last year yes she paid taxes and put the taxes for the full amount she took, but this year they didn't put in the field that she paid no taxes and screwed her that would defeat the purpose of being able to use the 401K in the first place, they just included as income and her refund went down about $800 bucks.

[APP1NAG]

So if 8915-F is not supported by the software, would it be possible to add the deferred income as a 1099? Would the taxes owed be the same, whether you include the deferred income on form 8915F or simply another 1099? I've already completed everything and have been waiting for 8915F.

Thanks

[APP1NAG]

worst case scenario here...Form 8915-F is never supported by TT...would it be possible to add the deferred income as a 1099? Would the taxes owed be the same, whether you include the deferred income on form 8915F or simply another 1099? I've already completed everything and have been waiting for 8915F. Thank you

[APP1NAG]

sorry for the duplicate message...haven't found how to delete it.

[Anonymous]

@APP1NAG Worst case scenario you go somewhere else to file.  You don't file an incorrect return ESPECIALLY when the form you need to us HAS been finalized by the IRS.

You have until 18 Oct with an extension, if you are going to go through all that, just do the calculation, pay the tax before 15 April, and then file your return, correctly, once.

[APP1NAG]

well for starters, I will not owe anything. and going somewhere is not option since I used software... my question was a simple one, is the data on 8915F simply treated as another 1099 ?

[macuser_22]

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@APP1NAG wrote:

well for starters, I will not owe anything. and going somewhere is not option since I used software... my question was a simple one, is the data on 8915F simply treated as another 1099 ?

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No.  The 8915-F is simply to either pay the tax that you deferred in 2020 on a 8915-E or to repay the money back to the requirement account that you elected to do in 2020 on the 8915-E.

[APP1NAG]

I appreciate the feedback...so I withdrew $90K and took advantage of the "covid exception"...I declared $30k in income for 2020.  Now I am declaring another $30k in 2021. I guess what I asking is, if I use 8915F to declare this deferred income, is the income treated any differently than if I had a 1099 with $30k and no taxes withheld? I think the answer is no but was looking for some expert opinions on this subject. Other than starting a new return with software that supports 8915F, I don't see many other choices.

[sbmtb1949]

TaxSlayer has had this form available for a couple of weeks. Sooooo? Why is Intuit taking so long? I hope the software will go back to the 2020 return and pull the necessary info for 8915-F.

[Anonymous]

@APP1NAG It is taxed the same, so you can pretend put it in that way to see what you owe.   It is simply income that was carried forward.  It is taxed the same as any other 1099 income, other than the special treatment of withdrawal without penalty, and the ability to spread the income over 3 years.  And, that is why you need the form.

[Anonymous]

@sbmtb1949 LOL, I am not using anything called TaxSlayer on principal.

[Ripptide56]

What's considered a repayment? I kept contributing to my 401k, so would that qualify as repayment?

[macuser_22]

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@Ripptide56 wrote:

What's considered a repayment? I kept contributing to my 401k, so would that qualify as repayment?

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No.   Contributions are not a repayment.    If you took a qualified COVID related distribution in 2020 then you had 3 years to repay it using other funds.