Tax filing season is very busy, whether it’s about individuals & businesses filing the return or the tax professionals. Individuals & businesses are going through the tedious process of making sure that their financials are in good shape.
At the same time, the tax professionals are helping individuals and businesses to make everything tidy up and ready for filing tax returns. Besides, tax professionals are the busiest people in the tax season as they have to file returns for several customers.
Tax professionals and taxpayers are not the only people who are busy in tax season. With the advent of different tax software, the teams working behind these tools are also busy facilitating their customers in every way possible.
TurboTax is the #1 tax app for individuals as well as small businesses. The product of Intuit has been very popular for the advanced features and facilitation for the taxpayers trying to file returns.
TurboTax has indeed simplified the process of tax return filing. However, many problems and issues come your way when you’re interacting with software. Many taxpayers have been facing one problem in the current tax season: where to find the 8195-F Form in TurboTax.
We’re here with the answers to this question. We have also written a detailed resolution of where to find the Form and how to fill it. So let’s get into it.
What Is Form 8195-F?
Form 8195-F is issued by IRS, and its purpose is to report disaster-related retirement distributions and repayment of those funds.
The recent pandemic of Covid-19 is also covered under the 8195-F Form. 8195-E was the Form that allowed the taxpayers to spread the taxable part of distributions over three years. This option no longer remains with Form 8195-F.
But there is an exception that taxpayers can report prior-year distribution amounts in the tax return of 2021.
Form 8195-F is for the taxpayers who have been adversely affected by the recent pandemic of COVID-19 or a later disaster. 8195-F has replaced 8195-E for tax returns beyond the year 2021.
When we define Form 8195-F, it’s important to define Qualified Disaster-Related Distribution.
According to IRS, Qualified Disaster Distribution for 2021 are:
- “The qualified 2019 disaster distributions for the Puerto Rico Earthquakes (DR-4473-PR) reported on 2021 Form 8915-D, or”
- “The qualified 2020 disaster distributions for qualified 2020 disasters reported on 2021 Form 8915-F (2020 disasters).”
Who Must File 8195-F Form?
According to the publication of IRS, taxpayers must file the 8195-F Form if:
- The taxpayer was entitled to Qualified Disaster Distribution under an eligible retirement plan
- The taxpayer received a qualified distribution
- The taxpayer was entitled to Qualified Disaster Distribution in the prior year, and he/she has included the amount in equal parts over 3 years, and the 3-years period has not lapsed yet.
- The taxpayer repaid the Qualified Disaster Distribution
When & Where To File?
The next question is when and where to file the 8195-F Form. Any taxpayer who is qualified to file Form 8195-F must file it with Form 1040, 1040-SR, and 1040-NR for the year you have mentioned on page 1 of your Form 8195-F.
When a taxpayer is filing Form 8195-F for 2021, he will file it for 2020 disasters along with the above-mentioned Form and in the prescribed manner.
Qualified Disaster Distribution Requirements
IRS has highlighted the Qualified Disaster Distribution Requirements as follows:
- The distribution was made no later than June 24, 2021.
- Your main home was located in a qualified 2020 disaster area listed for Qualified 2020 Disaster Areas in Appendix B at any time during the disaster period shown for that area in that table. The qualified 2020 disaster area is the state, territory, or tribal government in which the disaster occurs.
- You sustained an economic loss because of the disaster(s) in (2) above. Examples of an economic loss include, but aren’t limited to: (a) loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; (b) loss related to displacement from your home; or (c) loss of livelihood due to temporary or permanent layoffs.”
Where Can I Find The 8195-F Form On The TurboTax App 2023?
If you’re trying to file tax returns using TurboTax App and are unable to find where Form 8195-F is, here is a resolution for you. The method to access forms will be different for desktop users and TurboTax online.
TurboTax Desktop has added Form 8195-F for Desktop Editions on 03/24/22. All you need to do is click on Online at the top of the Desktop Screen. If it’s not showing in the Desktop version, Check for updates. Click on Check for Updates.
For proper filing of your Form 8195-F, follow the given steps:
- Open Retirement Income Section for a form 1099-R so that you can enter the second year of 2020’s distribution. To do so, go to Federal > Wages & Income and go down to Retirement Plans and Social Security.
- Tap on the Start or Revisit button. A popup will appear to ask Did you get a 1099-R in 2021? Hit No if you haven’t received a 2021 Form 1099-R I 2022.
- When you receive COVID-19 related distribution in 2020 and choose to spread it over 3 years, you will hit yes when the question asked about taking Qualified 2020 Disaster Distribution. Also, check Coronavirus-related distribution as reported in 2020.
- Leave the column for 8195-E Form 2020 empty or enter value 0.
FAQs
Where Can I Find the 8915 F Form on the TurboTax App?
You can open the Forms Mode by opening your income tax return and selecting the Forms Icon. It’s given on the top right corner of the screen. Otherwise, you can choose Forms from the View menu on the top of the screen.
To open Form 8195-F, you have to follow the method we have discussed in the article above. You will be able to access the Form and file it properly.
Does TurboTax have form 8997?
TurboTax does not support the Form you need to report an opportunity zone investment; Form 8997
How do I find my forms on TurboTax Online?
If you’re using TurboTax Online, there is no form mode available. The only way to see the Forms in TurboTax Online is to download the tax return and view the forms. However, if you’re using Desktop Mode from CD/Download TurboTax Software, you can access Forms Mode.
You can open the Forms Mode by opening your income tax return and selecting the Forms Icon. It’s given on the top right corner of the screen. Otherwise, you can choose Forms from the View menu on the top of the screen.
Why can’t I see my tax forms on TurboTax?
If you haven’t paid your tax return fee for TurboTax Online, you won’t be able to print your tax return and see the Forms.
Therefore, you must pay the fee before accessing the forms. However, you can view the Forms in Form Mode in Desktop mode while working on tax returns. It’s because the CD/Download Software is prepaid. Therefore, forms can be easily seen.
I need to edit a tax form. How do I do that?
The method to edit a tax Form is as follows:
Open your tax return if you’ve not already opened it. To do so, you will have to click an orange button stating “Take me to My Return.”
- Once there, search for the Form you intend to Edit. You will search the Form as follows: (e.g., W-2, 1099-R, etc. — upper- or lower-case, with or without the dash).
- Hit the Enter Key or Click on Magnifying Glass icon to initiate the search.
- You will be shown the “Jump To” link in blue. All you need to do is click it, and you can now edit or revisit the already added information to any form on Form’s Summary Page.
Final Words
We have discussed everything you need to access the Form 8195-F Form when filing a TurboTax return. Besides, we have also discussed the information and instructions regarding Form 8195-F as given by the U.S Internal Revenue Service(IRS).
When you’re filing your tax return, you can always refer to the information for correctly filling out all forms and submitting the return.
