Covid Retirement Distribution

[SuzieQ1]

Has anyone else noticed that the 1/3 of the Covid Distribution is not being carried over- or do I just not know where to look on the return? 

[taxiowa]

The form it is to be reported on (8915-F) is not yet available.  So you cannot file those people yet.  It is expected by mid-March I believe.  So I think I would hesitate to roll over clients who have that deferrment of 1099R income until form is released.

[Just-Lisa-Now-]

Everyone has noticed.  The form we need 8915F is still in draft at IRS. 

Intuit doesnt think they'll have it in the program finalized and ready to go until mid March, hoping we get a draft of the form in the program sooner than that!

You can use a dummy 1099R form with the taxable amount and with Code 7 to give the client an idea where they stand until the return can be filed. 

[jeffmcpa2010]

sarcastic answer:

According to IRonMan's counter posted a couple of days ago we are well into 6 digits as the number of users who have noted this issue.

Potentially helpful answer:

The needed form 8915-F is has not been finalized by the IRS at this point. It is hoped that it will be included in a software update in the future, possibly by Mid to late March.

Many members do not transfer all of their clients early in the season, or even delay each until they are ready to work on that return, in the hopes that more of these type of problems (missing forms and transfer issues) are solved.

(Darn lost by 30 seconds)

[IRonMaN]

8915F isn't available yet?  That is the first I heard of it.  I will have to start paying more attention around here.

As a side note, were any of you hurt since you appeared to have stumbled over each other trying to answer?

[SuzieQ1]

Thank you all..... will just add this to all the other stuff that needs to be checked. 

Did the IRS make the right adjustment with unemployment? 

Did the IRS make the right adjustment with Obamacare payment? 

Did we pick up the 1/3 of the 1099R? 

[IRonMaN]

"Did the IRS make the right adjustment with unemployment?

Did the IRS make the right adjustment with Obamacare payment?

Did we pick up the 1/3 of the 1099R?"

But you missed one -

Why on earth did we choose this profession?

[SuzieQ1]

I wish (and maybe I have missed this as well) a notice from Intuit saying- don't transfer and start inputting info into clients who might need this or that.... 

We get the list of hundreds of forms that are not ready but that usually does not invalidate other work we are doing on a return. 

I feel a bit let down- but I am also overworked and tired.

[IRonMaN]

You didn’t miss anything 

[SuzieQ1]

I have found out that other software companies have an 8915 (or draft of one) available so the preparers don't have to look back and remember to see if we have to dummy something up to give our clients an estimate of the taxes.