Form 8915-F Qualified Disaster IRA Distributions

Forum|Forum|1 year ago
April 13, 2024
2 replies
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In TurboTax online, how do I add two qualified disasters to Form 8915-F for distributions from a single IRA/1099-R? So far, I have only been able to add a single qualified disaster for any given 1099-R. Thx.

JotikaT2

If it was only on one 1099-R, you would only be able to designate one FEMA disaster zone on the screen titled "Which disaster affected...in 2023?".

The next screen will ask you "How many disaster distributions did you take in 2023?". You can enter the number of distributions taken on this screen.

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fanfare

Employee

since any one disaster in your area exempts you from 10% penalty for early withdrawal, what's the point ?

Number of distributions is not the number of disasters.

turnrodAuthor

Yes, that is the issue. Turbotax online only allows a single disaster to be designated for each 1099-R; however, this is an artificial limitation by Turbotax.

The IRS allows multiple disaster designations for a taxpayer, which have nothing to do with the number of 1099-Rs. The number of distributions captured on a single 1099-R are not relevant.

The reason this matters is that there is a limitation on the amount that can be withdrawn without penalty for each taxpayer. The amount that can be withdrawn without penalty is based on each qualified disaster and has nothing to do with how many distributions the taxpayer makes nor the number of 1099-Rs.

Does Turbotax plan to correct his error so that more than one qualified disaster may be entered so users like myself can submit my taxes? Thank you.

lprmvr

Hi. Did you solve the problem? Workaround of some sorts? I'm having the same problem and don't know what to do with this, as I try to file by the deadline.

turnrodAuthor

In short no. From using the online tool, it appears Turbotax allows only a single disaster to be designated within a given calendar year, allowing up to $22k per tax payer to avoid the 10% penalty. I guess this issue does not affect enough customers, so Turbotax does not care to fix it. I have already submitted my tax return, but will amend in the future if Turbotax updates the software to fix the issue.