FORM 8915-E

[taxladee]

DOES ANYONE KNOW WHERE WE ARE GOING TO BE SHOWING THE 2ND TAXABLE IRA DISTRIBUTION AMOUNT THAT WAS DEFERRED FROM 2020 COVID DISASTER?

I THOUGHT IT WOULD BE ON THE SCHEDULE 1 BUT DID NOT SEE ANY NUMBERS SHOW UP ON MY CLIENTS THAT I TRANSFERRED FROM LAST YEAR. I ALSO LOOKED ON THE 8915 FORM AND DID NOT SEE ANY PLACE THERE TO ENTER THE NUMBER.

THANKS FOR CLARIFICATION!

[qbteachmt]

You are waiting for Form 8915-F. The IRS hasn't finalized it, yet, so Intuit can't release it, yet. Intuit has it noted for March 17, at this time.

And please, try not to use ALL CAPS, because that is hard to read. Thanks.

[taxladee]

LOL, sorry I use all caps in my program and did not think about using lower case.

Thanks for the update and the information. I figured it might be a form that I was not seeing in the program or a line item on the Schedule 1.

[gma]

This is what I'm doing right now.  I am entering the amount in because the 1099R will carryforward.  I put the amount in there for the second amount taxable, at least then till we get an update you can give people an idea what their liability will look like for that amount.  Also be careful if the distribution was originally coded as an early distribution.  No penalty for the second distribution.

[qbteachmt]

"Also be careful if the distribution was originally coded as an early distribution. No penalty for the second distribution."

Huh. Let's clarify.

The 2020 distribution(s) that qualify, even if the issuer marked them as Early, are all not subject to penalty as long as they met the covid requirement for disaster.

If you are describing the second reportable amount from one distribution reported over three years for taxability, there was not any penalty at all. Or, it didn't even qualify in the first place? Because there is no "no penalty for the second distribution" as stated.

As usual, facts and circumstances matter. I'm simply reviewing some basics of that provision. That provision, if followed, means no penalty ever.

[gma]

Sorry, no.  Just when I carryover the ones with code 1 which met covid qualifications I am not entering a 1 for the second distribution.  

[qbteachmt]

Right; for using the 1099-R as a temporary measure for something from the previous year, avoid using anything that adds the penalty, as well. Good comment.

Also remember that any withholding from 2020 is "all used up" at this point and won't apply to carryforward years.