1040shredder
Level 2
‎01-31-2022 08:07 PM

I am assuming the retire/broker companies will give a form?  I am little perplexed on how are they tracking these payments? Thanks in advance! 

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Just-Lisa-Now-
Level 15
Level 15
‎01-31-2022 08:25 PM

Form 8915F, but IRS hasnt finalized it yet and Intuit doesnt have a draft in the program yet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
rbynaker
Level 14
‎01-31-2022 08:39 PM

I'm guessing they're just relying on self-reporting on the 8915 forms.  They will get tidbits of info from the 5498 forms for IRAs but likely not enough to put the whole puzzle together.

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1040shredder
Level 2
‎01-31-2022 08:49 PM

I was thinking to request their (clients) last paystub, that should also  state the amount of repayment. If we are just relying on self reporting. Will be also looking to see form 5498. 

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dd4vols
Level 10
Level 10
‎01-31-2022 08:55 PM

I was thinking to request their (clients) last paystub, that should also  state the amount of repayment.

Huh????   What if they paid it back with cash from the hidden vault behind grandma's picture?  And you must live in a different world than my clients...Ain't none of mine paying it back...just spreading the tax hit over 3 years...

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1040shredder
Level 2
‎01-31-2022 09:14 PM

LOL... this scenario is for only one of my clients which her repayments is being deducted from her pay in this case. Believe me I am shock that she is paying it back.  I have clients who have also spread it throughout 3 years. I just happened to have one that is paying back.  

Thanks for the Tip.