FORM 8915-E

[Deeznutz]

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]

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

[qbteachmt]

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?

[Deeznutz]

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

[qbteachmt]

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.

[garman22]

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

[qbteachmt]

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.

[garman22]

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

[rcooley25]

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

[rcooley25]

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.