Form 8915-F Qualified Disaster Retirement Plan Distributions and Repayments is used to report the following information:
- Qualified 2021 and later disaster distributions, if any;
- Qualified 2020 disaster distributions made in 2021 or 2022, as applicable (coronavirus-related distributions can't be made after December 30, 2020);
- Repayments of qualified 2020 and later disaster distributions;
- Income in 2021 and later years from qualified 2020 and later disaster distributions; and
- Qualified distributions received in 2021 and later years.
In this article, we will break down the steps to correctly enter the 2nd installment of a taxpayer's 2020 qualified disaster retirement plan distribution.
Follow the instructions below to successfully complete Form 8915-F:
- Add Form 8915-F.
- Click the 2020 checkbox on line B.
- Choose Worksheets (active options window).
- Enter the amounts on this worksheet based on the customer's 2020 Form 8915-E.
- Depending on the type of retirement account the customer's distributions were made from, will dictate which line you need to look at on the 2020 Form 8915-E.
- After completing the top of the worksheet scroll down to the detailed disaster relief information.
- Enter T/S in the first column.
- Enter "X" if COVID.
- Enter 1 if pension, 2 if IRA, or 3 if ROTH IRA depending on the type of Retirement Account they withdrew from in 2020.
- Enter the amount of Designated disaster dist and Qualified disaster dist.
- Total amount withdrawn in Tax Year 2020 from the retirement account due to the Coronavirus relief.
- Enter the Taxable amt before repayment.
- Amount from 2020 8915-E Line 9 or Line 17 (Gross Taxable Amount)
- Enter Repayment, if any.
- Amount from 2020 8915-E Line 10 or Line 18 (Repayment).
- Review Form 1040, Line 4b or 5b for the taxable amount (could display a different amount if additional retirement income is present).