Question

Cares act

Forum|Forum|4 years ago
February 24, 2022
1 reply
0 views

Hello..I had to take money out of 401 and used the cares act where I can spend the money in 3 years. I did 1/3 and now want to do 2/3. Anyone know how I can do it this year?

TurboTax Home & Biz Windows

F

FangxiaL

To report the 2021 CARES Act retirement plan distribution for 2020 that gave you 3 years to repay it back, follow these steps:

With your federal return open:

In the search box, type 1099-r, then Jump to 1099-r
On the next screen, select No if you did not receive a 1099-R in 2021
On the next screen, select Yes to Have you ever taken a disaster distribution before 2021?
Select Yes, I took a disaster distribution between 2017 and 2020 on the next screen
The message below is what you will see because the form is not ready as of today. The new form is expected sometime in March.

You'll need to revisit this area

Unfortunately, IRS instructions related to repayments of disaster distributions weren't ready in time for us to include them in this release. Please revisit this area later.

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S

Sunnyone49Author

Thanks so I was doing it correctly. Do you know when in March?

M

MichelleLO

Forms 8915 that pertain to Qualified Disaster Retirement Plan Distributions and Retirements are currently scheduled for release on March 31, 2022. You can monitor the status of the forms needed in the below TurboTax help article. If the forms become available sooner than the currently published date, the article will be updated to reflect the new availability date.

IRS forms availability table for TurboTax individual (personal) tax products

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