Form 8915-E

[Christian]

Do we have guidance from ATX on filling this form. The form produces the correct 1/3 amount for inclusion on the Form 1040 but then this 1/3 amount is ADDED to the distribution and is the taxable amount reported on the 1040 which is totally incorrect. There must be a toggle or two I have missed.

[Catherine]

Dunno about ATX, but Drake has a checkbox on the 1099-R form to EXCLUDE from regular reporting because it's reported on the 8915-E.  Perhaps there is a similar checkbox/election/entry in ATX?

[Pacun]

8915-E is only to avoid the penalty, not the tax.

[Lee B]

I sympathize, because I also found filling out the form and worksheet on Drake awkward.

I ended up just trying different possibilities until it worked.

[Pacun]

8915-E is only to avoid the penalty, not the tax. If the client re-invested 1/3, then nothin will show on 1040, but you need to enter 1/3 as amount reinvested on 8915-E

[Pacun]

This is what I said on another post and it might be helpful in your case.

 

"Enter the 1099-R and when finish, scroll down and check "check box ONLY for Cornoavirus (CARES Act)...." that will trigger form 8915-E. 

On form 8915-E, enter the date of the earliest 2020 distribution to the left of the amount from 1099-R.

If it is not from IRA, you click the box on page 1, and pay all taxes now. 

If you don't click the box, then 1/3 will be taxable.

If client has returned money to the plan before filing (including extension), you enter that amount on line 10 for OTHER THAN IRA.

IRAS have section III with the same choices but as long as you enter the 1099-R correctly the amount will flow to the correct section. 

Remember that you have to attach form 8915-E after signed for efiling."

[Christian]

Thanks Pacun I just knew I missed a toggle somewhere and did not scroll down and see the check box you speak of. No excuse just getting a bit tired it's been a trying tax season. I had my second Covid shot awhile back and awoke with a 102 degree fever idling me for almost three days.

[Christian]

Well thar she blows just like she was supposed too.  Now i and can eat a sandwich and hit the sack.