Uh, whoops, forgot the blue lights on. That's better. - In 2020, millions of Americans took coronavirus hardship distributions and filed form 8915-e for tax year 2020. - At that time, it said we could spread out the tax on our coronavirus hardship distributions over a three-year time period. Do you remember that? - So now that we're in 2022 and we're all getting ready to file our 2021 tax forms, how do you actually do that? Thanks for joining me today, my name is Mike and I help people master taxes, business, and money. - I wanted to address this now because I had so many questions from all of you asking, "Mike, how do I handle this? How do I report that one-third income distribution?" - Now, the IRS is not finished with the form you actually need to use to file this information. It's still in draft form. So what I show you on screen today will hopefully look pretty similar to the final version of it once the IRS releases that. - One of the most common questions that you have all been asking surrounding this issue is, "Will you get a 1099-R related to coronavirus hardship distributions for 2021?" To the best of my knowledge, the answer is no. Your complete coronavirus hardship distribution should have been reported on your tax year 2020 1099-R. You got a 109.99 in 2020 that showed $9,000. Likely, that was the entire amount, and you were likely, like most people, spreading out the tax on that over three years on your 8915e. You would have only reported one-third of that income in 2020, and now you're looking to report the next one-third on your 2021 return. - I really hope you're enjoying this video. If you're finding it helpful, can you do me just a real...
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Video instructions and help with filling out and completing Can Form 8815 Mailed
