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8915F

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I am totaly confused. Going by some of the answers regarding form 8915F am I going to have to wait untill March of 2022 to file a taxreturn for my clients who had an early tax distribution to be spread over 3 years in 2020

ProSeries Basic

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M

mpdellereeAnswer

Level 3

March 17th we are told it will be here. Entering the information maually shoild be simple enough as long as the final form is different from the rough draft that appears on line.

I just checked and Proseries says the form will be available March31? As a work around, could you enter the 1/3 as a new 1099R, distribution code 2 not subject to the penalty. IRS wouldn't have this in their system, but it would match up to the 8915-E from 2020. Just an idea, what do you think?

BobKamman

Level 15

The draft instructions say

When Should I Not Use a Form
8915-F?
Reporting coronavirus-related and other
distributions for qualified 2020 disasters
made or received in 2020. This form
replaces Form 8915-E for tax years
beginning after 2020. Do not use a Form
8915-F to report qualified 2020 disaster
distributions made in 2020 or qualified
distributions received in 2020 for 2020
disasters.

Just-Lisa-Now-

Intuit Community Champion

That little paragraph is misleading, I reads like we still use the 8915E, but that's only for tax year 2020 returns.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

I agree it's misleading. IRS hires accountants, not English majors.

T

Terry53029

Intuit Community Champion

You report a distribution from 2020 on 8915E which is in the program, but not ready yet. From Q&A IRS:

A13. If you are a qualified individual, you may designate any eligible distribution as a coronavirus-related distribution as long as the total amount that you designate as coronavirus-related distributions is not more than $100,000. As noted earlier, a qualified individual may treat a distribution that meets the requirements to be a coronavirus-related distribution as such a distribution, regardless of whether the eligible retirement plan treats the distribution as a coronavirus-related distribution. A coronavirus-related distribution should be reported on your individual federal income tax return for 2020. You must include the taxable portion of the distribution in income ratably over the 3-year period – 2020, 2021, and 2022 – unless you elect to include the entire amount in income in 2020. Whether or not you are required to file a federal income tax return, you would use Form 8915-E (which is expected to be available before the end of 2020) to report any repayment of a coronavirus-related distribution and to determine the amount of any coronavirus-related distribution includible in income for a year. See generally section 4 of Notice 2005-92.

Just-Lisa-Now-

Intuit Community Champion

Thats for Tax Year 2020

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

Jamierac

Level 5

8915F is for 2021 and beyond

If you are doing a late 2020 return it is 8915E

Accountant-Man

Level 13

Neither I nor the software are ready for prime time yet, but I am continuing to check it out. When I Transfer a 2020 F1040 (which had 8915E) into 2021, F8915A-T appears in the Forms in Use listing, and 0 appears in green in line 1.

F8915-E appears in the LOAF(List Of All Forms) but has nothing on it.

For later exploration: does the one-third amount go on 1099-R, code 2 for no penalty?

(FYI: F8915-E appears when looking at the LOAF, and when using F6, but it does NOT appear when searching using the green "Where do I enter?" button.

** I am "Elevating with Intention!"

Just-Lisa-Now-

Intuit Community Champion

In 2021, the 8915E used to show a date for finalization at the top as 3/17, then that date disappeared and people started talking about the 8915F. So I think its just a leftover form from 2020 that we wont be using in 2021.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

A

athaureaux6

Level 7

Hi

Could you look at the 2020 return and transfer the 1/3 to the Form 1040 making sure of inputting the code for no penalty for that amount? and Maybe we do not have to wait for 8915F. At the end of the day, I only have two or three cases who split the distributions in 2020. Just asking?

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