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Generating Form 8915 in ProSeries

SOLVED•by Intuit•598•Updated 2 weeks ago

Before you start:

  • The 8915-F is a new form starting in tax year 2021 for Qualified Disaster Retirement Plan Distributions and Repayments.
  • The 8915-E is for entering and tracking coronavirus-related retirement plan distributions.
    • In tax year 2020 this form is used to elect to spread the distributions over three years.
    • In tax year 2021 the 8915-E is a worksheet will show the distribution and track the information to generate the 8915-F.
  • The information from Form 8915-F and 8915-E will be e-filed with the tax return as an IRS approved statement.

For tax year 2022 and newer entering qualified disater distributions to generate the 8915-F:

  1. Open the 1099-R Worksheet.
  2. Complete the information from the 1099-R received.
  3. Scroll down to the Qualified Disaster Distribution Smart Worksheet.
  4. On line A check the box to indicate which year the disaster distribution was for.
  5. On line B, check the box if the full distribution was for a qualified disaster, or enter the partial amount.
  6. Complete line C and D, if needed.
  7. Go to the 8915-F for taxpayer or spouse.
  8. Complete the Form 8915-F Smart Worksheet.

Reviewing the transferred amounts for tax year 2021 and 2022:

  1. Open the Individual return.
  2. Press F6 to bring up Open Forms.
  3. Type 8915E to highlight the Form 8915E-T for taxpayer or Form 8915E-S for spouse.
  4. Click OK to open the Qualified 2020 Disaster Retirement Plan Distributions and Repayments Worksheet.
    • If this return was transferred to ProSeries 2021 after the updates on 02/24/2022 review the amounts that transferred from the prior year. The Form 8915-F will generate based on these amounts and be automatically calculated and e-filed with the return.
    • If this return was transferred to ProSeries 2021 prior to the updates on 02/24/2022 the carryover amounts will not be available on the 2021 return and will either need to be manually entered, or the return can be deleted and retransferred depending on the amount of work completed in 2021. Select the method below to manually enter the carryover, or re-transfer the return:

To manually enter the carryover amounts on returns transferred prior to 02/24/2022:

This method is recommended if your working on complex returns or have the return mostly completed for 2021:

  1. Open the Individual return in ProSeries 2021.
  2. Press F6 to bring up Open Forms.
  3. Type 8915E to highlight the Form 8915E-T for taxpayer or Form 8915E-S for spouse.
  4. Click OK to open the Qualified 2020 Disaster Retirement Plan Distributions and Repayments Worksheet.
  5. On the 2020 Form 8915-E Distributions Smart Worksheet:
    • Enter Line A if there were disaster distributions other than coronavirus distributions.
    • Check box B to indicate there were 2020 coronavirus related distributions.
  6. If the qualified distribution was from a retirement plan (Other than an IRA) complete Part II:
    1. Enter any repayments already made on the Part II Repayments Smart Worksheet above line 12.
    2. Fill out lines 12, 14 and 15 from the 2020 Form 8915-E.
  7. If the qualified distribution was from a Traditional, SEP, SIMPLE, or Roth IRA complete Part III:
    1. Enter any repayments already made on the Part III Repayments Smart Worksheet above line 26.
    2. Fill out lines 26, 28 and 29 from the 2020 Form 8915-E.
  8. The 8915-F will now generate automatically based on the entries on this 8915-E worksheet.

This method is only recommended if you have not done much work on the 2021 return. This does involve deleting the 2021 return:

  1. Go to the Form 1040: Individual HomeBase view in ProSeries Professional 2021 or the 1040 tab in ProSeries Basic 2021.
  2. Highlight the return and press Delete.
  3. On the Confirm File Delete pop up review the file name on the confirmation screen and select Yes.
  4. From the File menu select Transfer then Transfer Clients.
  5. Select this return.
  6. Click on the Transfer button.
  7. Open the Individual return in ProSeries 2021.
  8. Press F6 to bring up Open Forms.
  9. Type 8915E to highlight the Form 8915E-T for taxpayer or Form 8915E-S for spouse.
  10. Click OK to open the Qualified 2020 Disaster Retirement Plan Distributions and Repayments Worksheet.
  11. Review the amounts that transferred from the prior year. The Form 8915-F will generate based on these amounts and be automatically calculated and e-filed with the return.

Identifying tax year 2020 returns that have a carryover for Form 8915-F:

With the 3/17/22 release of ProSeries Professional 2020 there is now a Client Analyzer Query available that will help you locate clients that may need the 8915-F in tax year 2021, 2022 and 2023. To use the query:

  1. If you have not already done so update ProSeries Professional 2020 by going to the Update menu and selecting Update Installed Products.
  2. When prompted, select Install Now.
  3. When ProSeries opens under HomeBase View: select Client Analyzer Queries.
  4. On step 1) Select Return Type, select 1040 Individual.
  5. On step 2) Select Query, select Qualified Disaster Distribution spread over 3 years.
  6. Click Go.
    • If you have any password protected returns enter the client level password or the primary password. Click Cancel to exclude the password protected return from the query.
  7. ProSeries will query the clients and show you the results at the end. Click Close to view the returns containing the distribution.
    • You can print the list by going to the HomeBase menu and selecting Print HomeBase.
    • You can export the list to a spreadsheet by going to the HomeBase menu and selecting Export View.

Form 8915-E is available in ProSeries Professional and ProSeries Basic for 2020 coronavirus related distributions.

  1. Open the 1099-R Worksheet.
  2. Enter boxes 1–19 to match the 1099-R received.
  3. Scroll down to the Qualified Disaster Distribution Smart Worksheet.
  4. On line A check the 2020 Coronavirus-related Distribution.
  5. Complete lines B-D of the Qualified Disaster Distribution Smart Worksheet.
    PCG_PS_1099RWks.png
  6. ProSeries will generate a completed 8915-E.
  7. The amounts on line 11, 19 and 25 will be the amount that flows to the 1040 as taxable in 2020.

If you choose to not spread the taxable amount over 3 years, open the 8915-E and check the following box:
PCG_PS_8915E.png

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