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Three year split of 2020 IRA not appearing (carrying into) 2021

Gr8ful
Level 1

Client chose to spread distribution over 3 years and 8915 was completed in 2020 Proseries. Opening up client's 2021 file shows no trace of the carryforward!

-Anyone else seeing this?

-Is there any alert or note to alert/remind us this client elected this option last year?

- I see that PS won't release 8915F until March but does that form really need to be completed again in 21 if withdrawal was in 2020?

Thanks for any input.

  

Labels (1)
11 Replies 11
Just-Lisa-Now-
Level 15
Level 15

Yes, the 8915F will need to be included.  You can give your client an idea where they stand by plugging that 1/3 amount into a dummy 1099R, but you wont be able to complete the return until that 8915F is ready to go.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
jeffmcpa2010
Level 11

Scratch that. (IE ignore my initial response)

I see that the release date is already referenced in the OP. I do believe that you will need to wait for the form prior to filing. (At least that is what I will do.)


Ukraine - hang in there #StandWithUkraine
qbteachmt
Level 15

I just checked and the IRS still has not released it, so Intuit can't, either. I wrote a Macro reply:

You are waiting for Form 8915-F. This topic covers the various Form 8915-X uses:
https://proconnect.intuit.com/community/tax-talk/discussion/form-8915-e-will-now-be-8915-f/01/186194...


Intuit shows March 17 as the planned release date and the IRS release will show up here:
https://apps.irs.gov/app/picklist/list/formsPublications.html?value=8915-F&criteria=formNumber&submi...

 

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TaxGuyBill
Level 15

@qbteachmt wrote:

I just checked and the IRS still has not released it, so Intuit can't, either.


 

The IRS has had the draft version available for over 4 months.  There is absolutely no reason why Intuit should not have the draft form in the program and be doing the carryovers and calculations.

qbteachmt
Level 15

We're assuming the draft form is available as xml, for programmers. I haven't read the current IRS standard for releasing xml on draft forms. Sorry.

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"Level Up" is a gaming function, not a real life function.
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qbteachmt
Level 15

As an example, here's what happened last year for the Form 8915-E:

https://www.irs.gov/forms-pubs/alternative-filing-method-for-e-filed-returns-that-include-form-8915-...

That's one reason these things take so log to propagate through programming.

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"Level Up" is a gaming function, not a real life function.
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qbteachmt
Level 15

Okay, I put some time into this and this is what I see:

Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments was not developed in XML for TY2021 as expected. Software developers who cannot attach a PDF binary attachment can use a 'GeneralDependencyMedium'.

 

MeF will accept a 'GeneralDependencyMedium' that includes all the information requested on Form 8915-F for tax year 2021 if the software developer cannot attach a PDF. "Form8915F" must be used for the element name 'Desc'  when including Form 8915-F as a 'GeneralDependencyMedium'.

 

Schema will be developed for Tax year 2022/Processing Year 2023

 

Date entered: 12/9/2021

 

Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments, will be accepted in MeF as a PDF attachment for tax year 2021.  “Form8915F” must be used as the binary attachment description when including Form 8915-F as a PDF attachment.

 

Dependency may be updated at a later date.
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Gr8ful
Level 1

Thanks all for the replies. I sure hope that PS will be able to pull the carryover amounts in once they get this updated. I know we should be cognizant of any carryovers but keeping track of figures that carryover over for hundreds of clients manually is not the safest solution.

steve5
Level 4

That is for sure!

IRonMaN
Level 15

They have already said that it won't carryover from last year.  You will have to do so some manual labor for it to work.


Ukraine - hang in there
jeffmcpa2010
Level 11

I actually disagree with  "I know we should be cognizant of any carryovers but keeping track of figures that carryover over for hundreds of clients manually is not the safest solution."

 

The preparer keeping track of carryover figures for all their clients is the ONLY safe solution.


Ukraine - hang in there #StandWithUkraine