Sure, you can carry back an excess repayment, yet the 2020 Form 8915-E has no place to show that repayment. Is Form 8915-E supposed to be completed as if the carried-back repayment was made, as shown in Line 10, "before filing your 2020 tax return"?
Don't worry Mike. They'll complicate it more next year. Good to hear you on this morning. I did my taxes last week. I'll check it over for the next 3 weeks before I hit the send button. My income matches fairly well with what my spreadsheets revealed.
@@MoneyandLifeTV So much on that "tax return on a post card" promise. Since the IRS has all my info, and my estimated payments, they could just send me back the change.
Does the three years have to be 1/3 for 2020 2021 2022? I have claimed the first 1/3 in 2020 can you skip 2021 and add the last two together to tax year 2022?
Thanks Kimberly, I get this request a lot but unfortunately I do not have examples I can go off. I have never worked with an experienced option trader. I also have never personally traded options myself
Hey Mike, I understand how to spread the taxable income over a three year period. Thank you for the video! What I don’t understand is what to report for tax withholdings for 2021 tax year. So my question is, do I report federal tax withholding from form 1099-R 2020 for all 3 years or just 2020.
I’m doing TurboTax it doesn’t give the actual form to fill out only the 1099r for fidelity I entered the information from 1099r (2020) per instructions but now it’s asking for the date received ? There is no dates anywhere
I am using an online tax service it automatically put in my information from last year. It still has form 8915 E but it did have the correct amount in the field.
TurboTax finally added the 8915-F form to their system online but I found a glitch and I can't seem to find anyone that can fix it. What happens if you check the box for coronavirus BUT the system also makes you fill in something for line C? Should I continue to file with line C filled in and the box checked?
@@joshuaroman9679 I'm stuck on that part right now. It keeps asking me for a disaster name which I don't supposed to put because they will put that on line for FEMA number, but I supposed to check line d for coronavirus.
Yeah that's definitely a glitch I fell for. Do not put anything despite turbotax trying to force you. It will populate item c on the 8915 f form which you don't want. Did you enter a 1099-R like from the 2020 year you got the distribution?
Been waiting on this form! Almost filed my taxes without it 😬. Feel sorry to those that might have forgotten about the 3year split, TurboTax didn't warn me.
I have not done any “F” this year yet. I’ve done quite a few “E” last year so they are coming. I wouldn’t think any have repaid their Distributions. Always great videos with well explanation of material. First it was Form 8606 and now 1116. Will the IRS ever make these form available. The IRS is making things tough. Hope things are doing well. Things always heat up in March.
Mike, I have a Corona Distribution taken back in 2020 where there was federal tax withheld. The distribution was spread over 3 years, but the amount withheld initially in 2020 was never included. How do I include this as part of taxes paid for 2022 filing?
I have a situation where a 1099-R was received in 2021 for a 401K loan that was taken out in 2020, put I got furloughed in 2021 and payments were not taken out after I was furloughed. What form(s) do I use to report the 1099-R received in 2021 for Covid relief? It doesn't seem that forms 8915-E or 8915-F apply. I would appreciate any help you can provide. Thank you.
Since it’s available with the IRS can’t I just file for free electronically with the IRS today? And just forget TurboTax & H&R Block? At least H&R Block is showing that the form is available this Friday (3/4/22)
Great question, yes you could ditch Turbo tax and prepare your return using an alternative method if you feel it is worth your time. Not sure how much time you have already sunk into Turbo Tax
I used H&R Deluxe again this year & the day after getting my return accepted by IRS I realized it let me miss the 8915 form it had me do last year. I called them & found a box I missed checking about disaster but after checking get a message that says this software doesn’t support Form 8915-F & they confirmed it will not be added to any of the downloaded versions only the online one eventually. Which makes me wonder If in your example the person repaid $30,000 so line 15 equals $0 is it necessary to file Form 8915-F since line 1040 5b =$0 ? If this is the case it saves me some hassle otherwise I assume I would have to file another 1040 that’s has all the same info I already filed with the words “Superseded Return” on all the pages with the addition of the new 8915-F with lines 12, 13, & 14 having the same values & line 15 = $0.
@@MoneyandLifeTV , can my own continued contributions to my 401k count as repayment? (not the company match portion) Is there something that needs to be filled out officially declaring a contribution as a repayment?
This is the 2nd year I’m doing our taxes myself through TurboTax online and I would have had them done the 1st available day through IRS but I remembered that I needed to do the 2nd year of this split (next year is the last split). I’ve had to wait so long. But TurboTax thought I was good to go! Even chatted with an ‘expert’ and they didn’t even know anything about an 8915 E or F. Now I’m about to chat with an ‘expert’ since it’s still not offering the 8915F . Wish me luck!
how do I add the taxes I paid before receiving the distribution i paid all federal and state taxes at the time I withdrew the money do I add 1/3rd of the taxes also I'm so confused.
Hi Jayson, If you reported the full amount of your distribution in 2020 then you would not need to report anything in 2021 and 2022. Hope that helps. If you had withholdings from 2020 you cannot spread those over 3 years. The only thing people are allowed to allocate is the income which means of course they will pay tax on that income over 3 years.
I really appreciate this video. I have a situation that I do not how to resolve it. In part II line 12, 13 and 15 won't let me input data. In 2020 I decided to distribute in 3 parts but now the form 8915 F does not allow me to allocate this amount (1/3). Someone please helps me!!!!!!!!
It sounds like a computer software issue and not a tax issue. If your software won't allow you to type in lines 12, 13, and 15, you can always print, write, and mail your forms like the old days. Either that or try a different software.
Hi Mike, how do you carry forward excess repayments to future returns? Do you just put the excess number in the future year (2022) 8915F line 14 even though the repayment happened in 2021? Do you not indicate anywhere that the excess repayment was made in a prior year that is not for the current tax year being filed?
Hi I plan on covering more about Crypto sometime this year once my work settles down. Running my own business has been keeping me busier than I expected :)
If I made a withdrawal and spread it out can I use the money I’ve put back in the past year to my 401 k I made a withdrawal not a loan but I put 17,000 in this past year can I claim that
I am so confused!!! So you still have to pay federal taxes?? I took a 41000 distribution in 2020 and 4100.00 in federal taxes was taken out. So I have to pay even more federal taxes?? Ughh someone please help me!!!
I took $60K out in 2020 after being severed. 2021 is a very low tax year Social Security, unemployment, and a small pension. Back to work in 2022. Can I pay the remainder of the taxes (2/3- $40K) in 2021taxes vs 1/3 in 2021 & 1/2 in 2022?
If I took a distribution due to COVID and paid 15% Federal tax at the time of withdrawal,box 4 of 1099-R. I opted for the 3 year taxable plan,how do I apply that to this years taxes to include previous taxes paid?
Hi Mike I paid all the taxes last year for the full amount taken out , but I made a mistake when filing I was confused … I didn’t say I want to pay in full instead I split it which I shouldn’t have … Do I need to amend before I do this years taxes there’s no second split to report ?
The taxes withheld as you probably know now cannot be spread over three years. Only the income from the distribution can be spread over the 3 yr period. So if you made this mistake then you will need to amend to correct it
Another excellent video! I use the download version of HR block tax SW. Their latest update did NOT cover or include Form 8915-F. Now I'll have to rework the data in the 1040 forms and submit a paper return instead of e-filing. But, they say I can buy their online version to use the form as integrated into the software. What a crock!
@@MoneyandLifeTV actually I’m looking into H&R Block. Been hearing that they have the form. Did my own research and found out TurboTax won’t have it in their system until 3/31/22. That’s when all their free offers cut off. So disgusting
I wish I had clients like ..................i mean I wish i had tips, but I have never worked with someone in that particular industry. Sounds very interesting. I would look into the deductions for the various costumes and types of clothing they wear.
Excellent video. Still relevant in 2023.
This vid saved me
❤I love your channel
I think I’m more confused now
Sure, you can carry back an excess repayment, yet the 2020 Form 8915-E has no place to show that repayment. Is Form 8915-E supposed to be completed as if the carried-back repayment was made, as shown in Line 10, "before filing your 2020 tax return"?
Always nice to help understand all these tax forms!
Happy to help!
Thank you, thank you! I've been searching for the proper instructions for just this scenario for myself. You are very clear in your explanations!
do I do anything different for my 2022 return?
Thanks. Very simple and easy to understand
What form do you use for your 3rd year if you did not repay anything?
Waiting to hear about this myself
Thank you so much!
You're welcome Darnita :)
Thank you Mike… !!
My pleasure!
Thanks mike!! Your awesome
Thanks Mike your videos and explanation make it so easy for anyone to follow and understand your the man
Thanks Maria :) I had 100 + viewers request this video
Thanks Lydia, you are too kind but I really do appreciate the feedback. It lets me know if my teaching and presenting methods are effective.
@@MoneyandLifeTV its maria lol but I like lydia too ❤😁👍
Sorry someone else named Lydia posted below your comment. Didn't realize my response to her would go directly to you. Doh!
Don't worry Mike. They'll complicate it more next year. Good to hear you on this morning. I did my taxes last week. I'll check it over for the next 3 weeks before I hit the send button. My income matches fairly well with what my spreadsheets revealed.
They always do figure out how to complicate it more than Each year don’t they 🤪
@@MoneyandLifeTV So much on that "tax return on a post card" promise. Since the IRS has all my info, and my estimated payments, they could just send me back the change.
Haha, right!? in other countries the government files tax returns automatically for many of their citizens since they have the information anyways.
Super helpful, thanks!
Chapters (Time Stamps):
1:03 EXAMPLE STARTS HERE
6:04 Repaying Covid distributions
+Money and Life TV: In your example, how does one report the coronavirus distribution of $90K on your California state tax return?
Does the three years have to be 1/3 for 2020 2021 2022? I have claimed the first 1/3 in 2020 can you skip 2021 and add the last two together to tax year 2022?
This form is such a nightmare!! Thanks for talking me off the ledge!
Please do a video on how to an Options trader should do their taxes.
Thanks Kimberly, I get this request a lot but unfortunately I do not have examples I can go off. I have never worked with an experienced option trader. I also have never personally traded options myself
Hey Mike, I understand how to spread the taxable income over a three year period. Thank you for the video! What I don’t understand is what to report for tax withholdings for 2021 tax year. So my question is, do I report federal tax withholding from form 1099-R 2020 for all 3 years or just 2020.
Great question those would only have been reported for 2020. But the income is recognized over three years.
Thank you so much for getting back to me, this is so helpful.
I’m doing TurboTax it doesn’t give the actual form to fill out only the 1099r for fidelity I entered the information from 1099r (2020) per instructions but now it’s asking for the date received ? There is no dates anywhere
Sorry I do not use turbo tax you will need to contact one of their reps
@Money and Life TV: In your example, how does one report the coronavirus distribution of $90K on your California state tax return?
I am using an online tax service it automatically put in my information from last year. It still has form 8915 E but it did have the correct amount in the field.
TurboTax finally added the 8915-F form to their system online but I found a glitch and I can't seem to find anyone that can fix it. What happens if you check the box for coronavirus BUT the system also makes you fill in something for line C? Should I continue to file with line C filled in and the box checked?
You're right TurboTax does have a glitch I got caught by it too. Trouble is I filed with the mistake :(TurboTax has been most unhelpful!
@@joshuaroman9679 I'm stuck on that part right now. It keeps asking me for a disaster name which I don't supposed to put because they will put that on line for FEMA number, but I supposed to check line d for coronavirus.
Yeah that's definitely a glitch I fell for. Do not put anything despite turbotax trying to force you. It will populate item c on the 8915 f form which you don't want. Did you enter a 1099-R like from the 2020 year you got the distribution?
@@joshuaroman9679 yes I entered a 1099.
I just put dots in for line C to pass, but couldn't check box on line d
Been waiting on this form! Almost filed my taxes without it 😬. Feel sorry to those that might have forgotten about the 3year split, TurboTax didn't warn me.
TurboTax didn't warn you because the form 8915-F will be incorporated into their software 03/24/2022.
@@msromike123 it's taking forever!
I have not done any “F” this year yet. I’ve done quite a few “E” last year so they are coming. I wouldn’t think any have repaid their Distributions. Always great videos with well explanation of material.
First it was Form 8606 and now 1116. Will the IRS ever make these form available. The IRS is making things tough.
Hope things are doing well. Things always heat up in March.
Thank you sir! Irs is addicted to new forms lol death by a thousand paper cuts
Mike question a 403b is what type of distribution
Mike,
I have a Corona Distribution taken back in 2020 where there was federal tax withheld. The distribution was spread over 3 years, but the amount withheld initially in 2020 was never included. How do I include this as part of taxes paid for 2022 filing?
I have a situation where a 1099-R was received in 2021 for a 401K loan that was taken out in 2020, put I got furloughed in 2021 and payments were not taken out after I was furloughed. What form(s) do I use to report the 1099-R received in 2021 for Covid relief? It doesn't seem that forms 8915-E or 8915-F apply. I would appreciate any help you can provide. Thank you.
When filling 8915-E and 8915-F jointly filling out forms separately when spouse didn't work or draw anything would all the boxes I filled out be zero?
Since it’s available with the IRS can’t I just file for free electronically with the IRS today? And just forget TurboTax & H&R Block? At least H&R Block is showing that the form is available this Friday (3/4/22)
Great question, yes you could ditch Turbo tax and prepare your return using an alternative method if you feel it is worth your time. Not sure how much time you have already sunk into Turbo Tax
How do we fill out the state?? My state is counting the 8915F info but state was taken out in 2020??
I used H&R Deluxe again this year & the day after getting my return accepted by IRS I realized it let me miss the 8915 form it had me do last year. I called them & found a box I missed checking about disaster but after checking get a message that says this software doesn’t support Form 8915-F & they confirmed it will not be added to any of the downloaded versions only the online one eventually. Which makes me wonder If in your example the person repaid $30,000 so line 15 equals $0 is it necessary to file Form 8915-F since line 1040 5b =$0 ?
If this is the case it saves me some hassle otherwise I assume I would have to file another 1040 that’s has all the same info I already filed with the words “Superseded Return” on all the pages with the addition of the new 8915-F with lines 12, 13, & 14 having the same values & line 15 = $0.
Please do a video on 5498, is it required to fill out, what's the 7K amount, and how does it impact your EIC.
Taxslayer has the 8915-f form to file your taxes
My company matches 5% or my contributions to my 401k. Would that count as repaying?
Good question, that would not count.
@@MoneyandLifeTV , can my own continued contributions to my 401k count as repayment? (not the company match portion) Is there something that needs to be filled out officially declaring a contribution as a repayment?
I need to know that as well
This is the 2nd year I’m doing our taxes myself through TurboTax online and I would have had them done the 1st available day through IRS but I remembered that I needed to do the 2nd year of this split (next year is the last split). I’ve had to wait so long. But TurboTax thought I was good to go! Even chatted with an ‘expert’ and they didn’t even know anything about an 8915 E or F. Now I’m about to chat with an ‘expert’ since it’s still not offering the 8915F . Wish me luck!
Really glad you didn't try filing yet. Software has limitations and this is a perfect example of it.
How did you do it? I am trying to figure it out how to report it via Turbo tax? Did you re-enter your 2020 1099-R again?
@@MoneyandLifeTV would you be able to answer Joye Akudo? I also have that question.
how do I add the taxes I paid before receiving the distribution i paid all federal and state taxes at the time I withdrew the money do I add 1/3rd of the taxes also I'm so confused.
Hi Jayson, If you reported the full amount of your distribution in 2020 then you would not need to report anything in 2021 and 2022. Hope that helps. If you had withholdings from 2020 you cannot spread those over 3 years. The only thing people are allowed to allocate is the income which means of course they will pay tax on that income over 3 years.
@@MoneyandLifeTV so the taxes paid were put on the 2020 tax return and not split by 1/3rd like the amount
I really appreciate this video. I have a situation that I do not how to resolve it. In part II line 12, 13 and 15 won't let me input data. In 2020 I decided to distribute in 3 parts but now the form 8915 F does not allow me to allocate this amount (1/3). Someone please helps me!!!!!!!!
It sounds like a computer software issue and not a tax issue. If your software won't allow you to type in lines 12, 13, and 15, you can always print, write, and mail your forms like the old days. Either that or try a different software.
Do you know which tax software is currently supporting form 8915F?
Turbo have a glitch where they are asking for a fema disaster name, which you don't suppose to put. All you should do is check box on line d
Hi Mike, how do you carry forward excess repayments to future returns? Do you just put the excess number in the future year (2022) 8915F line 14 even though the repayment happened in 2021? Do you not indicate anywhere that the excess repayment was made in a prior year that is not for the current tax year being filed?
I have a question, what should I do if I withdraw the money in 2021?? How do I report the distribution and the taxes already paid on it??
Hey Mike radom request. Can you cover taxes on cryptocurreny? Especially stable coins. Thanks ahead!
Hi I plan on covering more about Crypto sometime this year once my work settles down. Running my own business has been keeping me busier than I expected :)
Hi mike. Can I E file my own 1120-S return online ? Do any PTIN requirement is mandatory by IRS ?
Hi Pavan, I do not believe so. You should be ok to file.
What if this my first year I got my 1099r this year for 2021 never claimed it before how do I do that
If I made a withdrawal and spread it out can I use the money I’ve put back in the past year to my 401 k I made a withdrawal not a loan but I put 17,000 in this past year can I claim that
I took out from 401K :( Im on Turbo and its asking for a FEMA or it wont let me move forward>>> can u help with this
I am so confused!!! So you still have to pay federal taxes?? I took a 41000 distribution in 2020 and 4100.00 in federal taxes was taken out. So I have to pay even more federal taxes?? Ughh someone please help me!!!
I also thought the withheld taxes would be spread out over 3 years
I took $60K out in 2020 after being severed. 2021 is a very low tax year Social Security, unemployment, and a small pension. Back to work in 2022. Can I pay the remainder of the taxes (2/3- $40K) in 2021taxes vs 1/3 in 2021 & 1/2 in 2022?
If I took a distribution due to COVID and paid 15% Federal tax at the time of withdrawal,box 4 of 1099-R. I opted for the 3 year taxable plan,how do I apply that to this years taxes to include previous taxes paid?
If I'm not mistaken, the 15% tax withheld is not spreadable across three years, just the withdrawal amount.
Hi Mike
I paid all the taxes last year for the full amount taken out , but I made a mistake when filing I was confused … I didn’t say I want to pay in full instead I split it which I shouldn’t have … Do I need to amend before I do this years taxes there’s no second split to report ?
The taxes withheld as you probably know now cannot be spread over three years. Only the income from the distribution can be spread over the 3 yr period. So if you made this mistake then you will need to amend to correct it
@@MoneyandLifeTV Thank You so much
how to file 8936?
Another excellent video! I use the download version of HR block tax SW. Their latest update did NOT cover or include Form 8915-F. Now I'll have to rework the data in the 1040 forms and submit a paper return instead of e-filing.
But, they say I can buy their online version to use the form as integrated into the software. What a crock!
So I was just told that it will take TurboTax a few days to incorporate the forms into their software :/
ah bummer......it takes software companies awhile to update these forms. Hopefully it will be ready soon.
@@MoneyandLifeTV actually I’m looking into H&R Block. Been hearing that they have the form. Did my own research and found out TurboTax won’t have it in their system until 3/31/22. That’s when all their free offers cut off. So disgusting
@@calicogirlz Tax Act has it available in theirs.
Wow, i would have expected a faster turnaround for such a large software company.
@@angelwluck1 thank you so much! I am going to try this out today!
Hey Mike ! Any tips on how to file a clients taxes who works for onlyfans / as a stripper ?
I wish I had clients like ..................i mean I wish i had tips, but I have never worked with someone in that particular industry. Sounds very interesting. I would look into the deductions for the various costumes and types of clothing they wear.