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How do you report a 2021 repayment of a 2020 1099-R corona virus distribution?

Forum|Forum|4 years ago
February 7, 2022
4 replies
15 views

ProSeries Basic

This topic has been closed for replies.

Best answer by IRonMaN

For 2021, the client's 1099-R Disaster distribution was reported on form 8915-E in the tax return, and I elected to spread the taxable amount reported over 3 years. So is 8915-F for 2021 the form the second portion of the taxable 2020 amount to overflow into?

Yes, but it still isn't ready.

RollTide68

Level 7

8915-F but it is not available in the software yet.

C

ClergyTaxManAuthor

Level 3

Thanks. Do you know, by chance, when Form 8915-F will be available?

Just-Lisa-Now-

Intuit Community Champion

IRS just finalized it last week, takes a few weeks for Intuit to get their version of it approved by IRS and then added to he program.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaN

Level 15

7,777,771

Slava Ukraini!

T

TaxGuyBill

Level 15

@ClergyTaxMan wrote:

How do you report a 2021 repayment of a 2020 1099-R corona virus distribution?

Use non-Intuit software?

C

ClergyTaxManAuthor

Level 3

I use Intuit ProSeries Basic software.

T

TaxGuyBill

Level 15

@ClergyTaxMan wrote:

I use Intuit ProSeries Basic software.

Right, and that is the problem. Using Intuit software is what is causing the delay. Other software companies have it available.

T

TaxGuyBill

Level 15

I'm sorry, I just re-read your question and I may have misunderstood what you were asking. Are you asking how to report a REPAYMENT of the distribution? Or are you asking how to report the second taxable portion?

If you are asking about a repayment, was the entire distribution repaid in 2021?

qbteachmt

Level 15

Oh, good catch! Someone else worded this oddly, as well:

"He came to me and wants to pay rest of his 2nd and 3rd payment in 2021"

"You mean, report the balance that is taxable, all in the second year. Just to clarify, because there potentially are other payments to make, but reporting for taxes to compute isn't the same as paying."

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