Carryover from 8915E to 2021 and 2022

[rcooley25]

Please help me out in trying to understand a recent post on Olympus tax regarding the 8915E Carryover.

On a recent post it was stated that intuit was not going to carry over this information to 202 and 2022 and that we are just suppose to remeber the amount and put it on schedule 1 as other income. Are they reying to say that after all the  BS in recent days over 8915F that we dont need it. If I am reading this post incorrectly don't be afraid to yell at me.

[garman22]

Dont listen to that post. As near as I can tell, this info needs to be reported on 8915-F. Unless things change, this form will not be ready until 03/17. I found numerous posts in Turbotax and they seem to have a flurry of activity from moderators over there. The general consensus is 8915-F is needed. I looked at the draft of 8915-F instructions and it does state it can be efiled. 

Now of course watch all that sh1t change. 

I wish we'd get some more guidance from PS here.......I would bet it would go a LOOOOOONG way for most.

[abctax55]

That's why I tagged

@IntuitGabi & 

@IntuitBettyJo 

The silence, again, is deafening.

[garman22]

Im not sure they understand how helpful any info would be unless the higher ups are telling them to let us hang in the wind. 

I have not seen @IntuitBettyJo in some time. Gabi may be the only one here with us. 

[rcooley25]

Thank you for your response. The post that I was referrin to did not make any sense at all.

[IRonMaN]

@garman22  do you mean this person is missing? https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-digital-assistant-...

I think I found her if that is the case.

Sometimes moderators are busy and can't get back to us very quickly.  And sometimes moderators can get back to us, but they prefer not to. 

As a side note, this place seems to be running with less and less help from Intuit.  I think they are expecting us to do all the lifting.  I guess when we don't know the answer, we can pretend we are actual paid support and just BS our way through answers.

As another side note, it doesn't appear that the 2022 graduating class from Champion School was a very big class.  I could be wrong, but I'm guessing Intuit would like to have that title on more folks just to show what a success this place is ------------- kinda like when Intuit employees mark questions as solved ----- just to get those success numbers up. 

I feel bad for the folks that are in a lurch and need help and this is the only resource they really have.  If it wasn't for my guilt complex for those folks, this place would be really easy to walk away from.  But as long as we can still use a little humor here and as long as they don't start blocking the letter x on my keyboard I'll stick around -------- at least for a little longer.

[garman22]

Oooops, I missed that one about BettyJo. My apologies to @IntuitBettyJo ,

I know I am impatient and I am working on it. Sometimes this forum eats away at my anxiety. 

[IRonMaN]

I find a couple of anvils to the head each day takes away my anxieties.  Try it sometime, you might like it.

[garman22]

ummmmm.....i think I shall pass. I'll end up with a flat head. 

[rbynaker]

---

@rcooley25 wrote:

Thank you for your response. The post that I was referrin to did not make any sense at all.

---

Welcome to what I call the "misinformation era".  There's no way I would ever just drop this into "other income", even if I could find where they put it this year.  If the IRS computers are smart enough to look for this (and, as a taxpaying citizen I hope they are), they're going to look for it on lines 4b & 5b, flowing from the new 8915-F.

The draft 8915-F is available.  This year the IRS seems to be doubling the size of tax returns.  We're up to 4 pages on the 8915-F, all of the numbered schedules (1-3) are now two pages, the 8812 is three pages.  It's a good thing they simplified everything onto a postcard a few years ago.

[IntuitGabi]

Good morning! 
Yes, the 8915-F will be available. When? At this moment, I don't have an answer. Will it flow from last year's 8915-E? I can't confirm or deny. When I hear more I'll be sure to follow up here. 

[garman22]

Thank you Ms @IntuitGabi !!!

[carlosfhts]

What are your thoughts on entering the carryover on the 1099-R worksheet as a normal distribution instead of making the taxpayer wait till mid March?

[TaxGuyBill]

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@IntuitGabi wrote:

Good morning! 
Yes, the 8915-F will be available. When? At this moment, I don't have an answer. Will it flow from last year's 8915-E? I can't confirm or deny. When I hear more I'll be sure to follow up here. 

---

From the other post (which you locked):

However, I am here to officially report I am on a mission to get you (and the other members here with burning questions) resolutions.

Thanks for your patience.

Because you are dealing with irate customers, THAT is the type of empathy that your first response should have had.

It would have been SO much nicer and soothing if your original response was more like this:

Good morning! 
Yes, the 8915-F will be available. When? I have asked the developers, but unfortunately, at this moment, I don't have an answer. Will it flow from last year's 8915-E? I wish I had a solid answer, but at this point the answer is unknown. The developers are still actively working on it.  I promise that as soon as I hear more I'll be sure to follow up here.

[rbynaker]

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@carlosfhts wrote:

What are your thoughts on entering the carryover on the 1099-R worksheet as a normal distribution instead of making the taxpayer wait till mid March?

---

Edit to clarify: I would wait for the 8915-F.

At this point I think the IRS is barely functional.  Things are running mostly on autopilot by the computers.  So anything I can do to make the computer happy will save time in the long run.  Even if you're reporting the correct amount of income and paying the correct amount of tax, it's not going to do your client any good if their return ends up in the "hold for review" queue.  Last numbers I saw, the IRS still has over 6 million unprocessed returns and they're only up to April 2021 in processing them.

On the bright side, if the client doesn't need the money they will get a great interest rate on their IRS refund once it's processed in 10-12 months.  So as long as you're looking at it like an investment opportunity . . .

[qbteachmt]

This seems to be the nonoperative phrase: "and that we are just suppose to remeber the amount and put it on schedule 1 as other income."

That's what one person proposes. That's not in any instructions.

If you go back to prior years, there is nothing different about Form 8915-D or -C or -B that you would expect in 2021, so why do so many people have this anxiety and think something different, overlooked, or specifically manual will need to happen for the 8915-F?

People: Let the IRS get the form finalized, and let the programmers figure out how it fits into the software. It isn't only the -F. Slow your roll.

[rcooley25]

I would not reccomend it, Doing it that way would get the federal tax return processed correctly but it could and would cause some serious on some state tax returns. For instance the state of Indianna taxes retirement income. Also they did not  accept the withdrawl being spread over 3 years therfor those taxpayers from Indianna have already paid income taxes on the full amount and if you did the return the way you ask about then the program would process the return saying that they should pay again. As much as I and others have complained about the problems surrounding form 8915F that form stlll seems to be the way to go. Beside the IRS says so.

[rcooley25]

Beats the hell out of me.

[IRonMaN]

"From the other post (which you locked)"

Why was that locked?

I don't know about anybody else but I am tired of form 8915F, 2210, Intuit, the IRS, cold weather.  I guess I'm just tired.  I'm going to take a nice long nap.  If someone could wake me when the software is actually ready to roll in March or whenever, I would appreciate it.😴

[rcooley25]

I will see that you are woke up. Have a nice nap.

[abctax55]

Jeff, are you sure you don't want that down comforter for your long winter's (aka tax season from hell, again) nap?

[IRonMaN]

I would hate to get too comfortable and over sleep.

[abctax55]

Even Rip Van Winkle wouldn't be able to sleep thru the din that's likely gonna come from this filing season. It's only day 3 🤣

[IntuitGabi]

Thanks for the feedback @TaxGuyBill! 

[rcooley25]

It may be day 3 but at my place I have not had to deal with 8915F problems yet.

I hope I have not spoken to soon.

[rcooley25]

I could get you a real good deal on an electric blanket. You could spread the cost over 3 years.

[IRonMaN]

I had an ACME electric blanket once.  It wasn't a good experience so I will have to pass (I still have splotches were my fur won't grow back)

[rcooley25]

I will refrain from asking what part of your body that fur was on.

[Nordeen tax]

My issue is with 2020 distributions and if you read the 8915-F instructions on the draft pages it states do not use 8915-F for 2020 distributions to use the 8915-E for those distributions. However I have not figured out how to make that happen yet as when you fill out the columns for 2020 it does not go anywhere else on the form.

[TaxGuyBill]

---

@Nordeen tax wrote:

My issue is with 2020 distributions and if you read the 8915-F instructions on the draft pages it states do not use 8915-F for 2020 distributions to use the 8915-E for those distributions. However I have not figured out how to make that happen yet as when you fill out the columns for 2020 it does not go anywhere else on the form.

---

If you are working on a 2021 return, you are not reporting a 2020 distribution.  You are reporting the INCOME from a 2020 distribution.

From the draft 8915-F instructions:

Use Form 8915-F to report:
• Qualified 2021 and later disaster
distributions, if any;
• Qualified 2020 disaster distributions made
in 2021 or 2022, as applicable
(coronavirus-related distributions can't be
made after December 30, 2020);
• Repayments of qualified 2020 and later
disaster distributions;
• Income in 2021 and later years from
qualified 2020 and later disaster
distributions; and
• Qualified distributions received in 2021
and later years.

[Nordeen tax]

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.
You will still use 2020 Form 8915-E
to report coronavirus-related and
other qualified disaster distributions
made in 2020 and to report qualified
distributions received in 2020 for qualified
2020 disasters.
Q

[rcooley25]

You are right when preparing a 2020 tax return. But this is 2021. Form 8915E no longer exist in 2021 and is being replaced with 8915F.

[Nordeen tax]

Are you not reading the instructions. Yes the form goes away for new distributions but for 2020 it specifically states do not use the f form.

[TaxGuyBill]

As I stated before, you are NOT reporting a 2020 distribution.  You are reporting the income FROM the already-reported 2020 distribution.

[TaxGuyBill]

Are you preparing a 2020 tax return?  If so, yes, use "E" on a 2020 return.

[Nordeen tax]

Read the last part of the instructions for the f form. I have several affected by this so hopefully soon this will be resolved.

[Skylane]

I wouldn't put a lot of credence in that post.  If you looked 2020 you'll see there was a carryover item on the worksheet... pretty good indication that they intend to move it forward to future years... they've always been pretty consistent with carryforwards. There's a lot of moving parts in the beginning of tax season....

Patience

[rcooley25]

I agree

[qbteachmt]

"if you read the 8915-F instructions on the draft pages it states do not use 8915-F for 2020 distributions to use the 8915-E for those distributions."

You have this backwards.

Separately evaluate which Disaster Year and which Tax Year.

A 2020 disaster, reporting or amending for 2020 tax year, is the only use of Form 8915-E.

-D is the ongoing form for 2019 Disasters.

-C is the ongoing form for 2018 Disasters.

-F is to be used for Disasters from 2020 and forward, for tax years 2021 and forward.

[IntuitGabi]

For the latest on 8915 please take a look at this article: Generating Form 8915 in ProSeries
The article will be updated if we have new information. 

[rcooley25]

Thank you