Deeznutz
Level 2
‎03-08-2022 11:00 AM

Wanted to know why Form 8915-E, isn't popping up, for clients that borrowed money from their 401k (Covid) in 2020, and were supposed to report the third of the taxable income.  Was there something that was supposed to be filled out (perhaps that wasn't) on Form 8915-E, originally, so that it would bring that information forward, for those clients, the proceeding years?   

Just don't want IRS, to send letters out, charging interest, to these clients, then tax preparers, have to amend taxes.  Alot of people, took advantage of this opportunity, in light of the Covid Pandemic.

Just need some thought on the issue please.  Thank you

 

IRonMaN
Level 15
‎03-08-2022 11:07 AM

You are looking for 8915F but it isn't going to be ready for a couple of more weeks.


Slava Ukraini!
qbteachmt
Level 15
‎03-08-2022 02:04 PM

You described this as "borrowed." That isn't the issue for the 3-year spread for reporting that Distribution as Income and paying taxes on it.

Did they Borrow, or Take the Distribution?

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Deeznutz
Level 2
‎03-11-2022 12:47 PM

So the 8915-F, will be ready on March 17th?  

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qbteachmt
Level 15
‎03-11-2022 12:54 PM

Borrowing from a 401(k) would not be reported.

If they do not repay the loan, the reporting of the distribution is not the same as a covid disaster distribution.

The Form 8915-F is scheduled for March 24; it was previously listed for March 31.

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garman22
Level 13
Level 13
‎03-11-2022 01:33 PM

I think you need to infer the OP meant withdraw if he is talking about the spread. 

qbteachmt
Level 15
‎03-11-2022 02:08 PM

Just in case what is stated was meant, I included the info along with the date for the form release. I am still taking mind-reading classes and have not yet gotten my completion certificate.

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garman22
Level 13
Level 13
‎03-11-2022 04:54 PM

Haahhaha......I am close to graduation. I can tutor once the season is over. 😁

rcooley25
Level 11
‎03-12-2022 08:17 AM

I hope your right and it is March 17th because everything here says March 24th. Hit update and check form status.

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rcooley25
Level 11
‎03-12-2022 08:20 AM

I would like to join you in mine reading classes but unfortunately do to the stress of this tax season I have completely loss my mind.

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