What is an IRS Form 8915-E?

IRS Form 8915-E, Qualified Disaster Retirement Plan Distributions and Repayments, will be used to report coronavirus-related distributions (CRDs) and repayments of CRDs. A CRD is a distribution taken by a qualified individual from January 1, 2020 through to December 30, 2020, from an IRA or employer plan (such as a 401(k)).

If you receive a CRD, your tax preparer must file Form 8915-E with your tax-return to report the CRD and any repayment of the CRD. Your IRA Custodian or Plan Trustee will issue IRS Form 1099-R for the CRD. Any repayments of CRDs to your IRA will be reported on IRS Form 5498.

A qualified individual who receives a CRD can include the taxable portion of the distribution in income ratably over a 3-year period that begins in 2020 or include the entire amount as income in 2020. All CRDs received in a taxable year must be treated consistently. Either all distributions are included in income ratably over a 3-year period or included as income in the year of distribution. 

A CRD may be rolled over to an eligible retirement plan, within 3-years after receipt. This rollover option is not available to a non-spouse beneficiary. 

If you include a CRD in income in the year of the distribution and repay the amount (or a portion of it) to an eligible retirement plan by the repayment deadline, you would need to file an amended federal income tax return and a revised Form 8915-E for the year of distribution.

This content is for informational purposes only and is not intended to be construed as tax advice. Please note that the IRS anticipates to release this Form 8915-E before the end of 2020. For more information and for assistance in filing your taxes, please consult your tax advisor.

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