5 Tips To Fill Form 8915f-T With Turbotax

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Filling out tax forms can be a daunting task, especially for those who are new to the process. One such form that requires attention to detail is Form 8915-F, also known as the Qualified Retirement Plan Distribution of a COVID-19-Related Distribution (CRD). This form is specifically designed for individuals who have taken distributions from their qualified retirement plans due to COVID-19-related circumstances. To make the process smoother, TurboTax offers a convenient way to fill out this form. Here are five tips to help you fill out Form 8915-F with TurboTax:

Tip 1: Understand the Eligibility Criteria

Before you begin filling out Form 8915-F, it's essential to understand the eligibility criteria for COVID-19-related distributions. According to the IRS, you may be eligible for this type of distribution if you:

• Have been diagnosed with COVID-19 or have a spouse or dependent who has been diagnosed
• Have experienced adverse financial consequences due to COVID-19, such as being quarantined, furloughed, or laid off
• Have had a reduction in work hours or pay due to COVID-19
• Have had to close or reduce hours of a business you own or operate due to COVID-19

TurboTax will guide you through the eligibility criteria and help you determine if you qualify for a COVID-19-related distribution.

What to Expect from TurboTax

TurboTax will ask you a series of questions to determine your eligibility for a COVID-19-related distribution. You will need to provide documentation, such as:

• A letter from a healthcare provider stating that you or a family member has been diagnosed with COVID-19
• A letter from your employer stating that you have experienced adverse financial consequences due to COVID-19
• Documentation showing a reduction in work hours or pay due to COVID-19

Tip 2: Gather Required Documents

Before starting the Form 8915-F, gather all the required documents and information, including:

• Your retirement plan account statements
• A copy of your tax return from the previous year
• Documentation supporting your COVID-19-related circumstances
• Your bank account information for direct deposit (if applicable)

Having all the necessary documents and information readily available will make the process smoother and less time-consuming.

How TurboTax Helps

TurboTax will prompt you to upload or enter the required documents and information. You can also import your retirement plan account statements and tax return from the previous year directly from TurboTax.

Tip 3: Report COVID-19-Related Distributions

On Form 8915-F, you will need to report the COVID-19-related distributions you received from your qualified retirement plans. This includes:

• The total amount of distributions received
• The amount of distributions that are subject to the 10% early withdrawal penalty
• The amount of distributions that are eligible for the COVID-19-related exception

TurboTax will guide you through the process of reporting these distributions and ensure that you are taking advantage of the COVID-19-related exception.

What to Expect from TurboTax

TurboTax will ask you a series of questions to determine the amount of COVID-19-related distributions you received and the amount subject to the 10% early withdrawal penalty. You will also be prompted to enter the amount eligible for the COVID-19-related exception.

Tip 4: Calculate the Tax Liability

On Form 8915-F, you will need to calculate the tax liability on the COVID-19-related distributions. This includes:

• The amount of tax withheld from the distributions
• The amount of tax due on the distributions
• The amount of tax that can be deferred until the three-year repayment period

TurboTax will help you calculate the tax liability and ensure that you are taking advantage of the COVID-19-related exception.

How TurboTax Helps

TurboTax will guide you through the process of calculating the tax liability and provide you with the option to defer the tax until the three-year repayment period. You will also be prompted to enter the amount of tax withheld from the distributions.

Tip 5: Review and Submit Your Form

Once you have completed Form 8915-F, review it carefully to ensure that all the information is accurate and complete. TurboTax will also review your form for errors and provide you with the option to e-file or print and mail your return.

What to Expect from TurboTax

TurboTax will provide you with a summary of your Form 8915-F and ensure that you have completed all the required sections. You will also be prompted to review and sign your return electronically or print and sign it manually.

By following these five tips, you can ensure that you accurately and efficiently fill out Form 8915-F with TurboTax. Remember to gather all the required documents and information, report COVID-19-related distributions, calculate the tax liability, and review and submit your form carefully.