- 2 -
|
Page 2 of 3 Fileid: … ons/I8915B/2020/A/XML/Cycle02/source 12:10 - 9-Mar-2021
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
c. The joint lives or joint life November 7, 2018, from your 401(k) plan.
expectancies of you and your beneficiary. Specific Instructions You had an economic loss due to Hurricane
Maria. On April 2, 2021, you repay $30,000
Eligible retirement plan. An eligible Married filers. If both you and your spouse to your 401(k) plan. You file your return on
retirement plan can be any of the following. are required to file Form 8915-B, file a April 10, 2021. Since the repayment was
• A qualified pension, profit-sharing, or separate Form 8915-B for each of you. made before you filed your 2020 return, not
stock bonus plan (including a 401(k) plan). Name and social security number (SSN). later than the due date (including
• A qualified annuity plan. If you file a joint return, enter only the name extensions), and before your 3-year
• A tax-sheltered annuity contract. and SSN of the spouse whose information is repayment period ended, you would enter
• A governmental section 457 deferred being reported on the 2020 Form 8915-B. the $30,000 repayment on line 5.
compensation plan.
• A traditional, SEP, SIMPLE, or Roth IRA. Foreign address. If you have a foreign Line 6. Enter the total of lines 4 and 5.
address, enter the city name on the If you repaid more than the amount
appropriate line. Do not enter any other on line 1 (including any excess
Amending Form 8915-B information on that line, but also complete CAUTION! repayments from 2019 on line 4),
File Form 1040-X, Amended U.S. Individual the spaces below that line. Do not abbreviate you can carry forward the excess repayment
Income Tax Return, to amend a return you the country name. Follow the country's from 2019 to 2020 Form 8915-B, but only if
have already filed. Generally, Form 1040-X practice for entering the postal code and the you have not already carried back that
must be filed within 3 years after the date the name of the province, county, or state. excess to a prior year.
original return was filed, or within 2 years
after the date the tax was paid, whichever is Write at the top of page 1. Write the
later. following at the top of page 1 of Form 8915-B Example. You received a qualified 2017
if your qualified 2017 distributions relate to: disaster distribution from a retirement plan
Depending on when a repayment is • Hurricane Harvey, Irma, or Maria: other than an IRA in the amount of $90,000
made, you may need to file an amended tax “Hurricane”; on November 15, 2017. You choose to
return to refigure your taxable income. • The California wildfires: “Wildfires”; or spread the $90,000 over 3 years ($30,000 in
If you make a repayment after timely filing • Both Hurricane Harvey, Irma, or Maria income for 2017, 2018, and 2019). On June
your 2020 tax return but by the due date of and the California wildfires: “Hurricane and 10, 2019, you make a repayment of $40,000.
your 2020 return (including extensions), Wildfires.” For 2019, none of the qualified 2017 disaster
include the repayment on your amended distribution is included in income. On your
2019 Form 8915-B, you enter $40,000 on
2020 Form 8915-B. Part I—Qualified 2017 line 8 and $30,000 on line 3. You carried
If you make a repayment after the due Disaster Distributions back the excess $10,000 ($40,000 -
date of your 2020 return (including $30,000) repayment to 2018. You transfer
extensions), but before you timely file your From Retirement Plans the amounts from your 2019 form to your
2021 return, include the repayment on your (Other Than IRAs) 2020 Form 8915-B as directed, entering
2021 Form 8915-B if you are repaying a Complete Part I if any of the following apply. $40,000 on line 2 and $30,000 on line 3 of
qualified 2018 disaster distribution received • You had an amount on your 2018 Form that form. Your excess repayment from 2019
in 2018. However, you may file an amended 8915B, line 11, and you did not check the of $10,000 is entered on line 4 of your 2020
2018 Form 8915B or an amended 2019 or box on that line. Form 8915-B. Because you have already
2020 Form 8915-B, if either of the following • You made a repayment in 2020 of carried back the full $10,000 to 2018, you
applies. (But see the examples below. Also, qualified 2017 disaster distribution amounts cannot carry forward that $10,000 to 2020.
see the caution under Repayment of a from line 10 of 2018 Form 8915B; or line 8 of You cannot include that $10,000 on line 6.
Qualified 2017 Disaster Distribution, earlier, 2017 Form 8915B.
for limitations.) Part II—Qualified 2017
• You elected to include all of your qualified Line 5. At any time during the 3-year period
2017 disaster distributions in income beginning 1 day after the date you received a Disaster Distributions
(instead of over 3 years) on your original qualified 2017 disaster distribution, you can
2017 or 2018 return. repay any portion of the distribution to an From Traditional, SEP,
• You received a qualified 2017 disaster eligible retirement plan that accepts rollover SIMPLE, and Roth IRAs
distribution in 2017 or 2018 and included it in contributions. You cannot, however, repay Complete Part II if any of the following apply.
income over 3 years. You can amend your more than the amount of the original • You had an amount on your 2018 Form
2017, 2018, 2019, or 2020 tax return, as distribution. See Repayment of a Qualified 8915B, line 26, and you did not check the
applicable. 2017 Disaster Distribution, earlier, for details. box on that line.
Example 1. You received a qualified Enter on line 5 the amount of any • You made a repayment in 2020 of
2017 disaster distribution in the amount of repayments you made before filing your qualified 2017 disaster distribution amounts
$90,000 on October 16, 2018. You choose to 2020 return. Do not include any repayments from line 25 of 2018 Form 8915B; or line 16
spread the $90,000 over 3 years ($30,000 in made later than the due date (including of 2017 Form 8915B.
income for 2018, 2019, and 2020). On extensions) for that return nor any Line 12. At any time during the 3-year
November 19, 2020, you make a repayment repayments of nontaxable amounts. If you period beginning 1 day after the date you
of $40,000. For 2020, none of the qualified repaid more than the amount on line 1 received a qualified 2017 disaster
2017 disaster distribution is included in (including any excess repayments from 2019 distribution, you can repay any portion of the
income. The excess repayment of $10,000 on line 4), the excess can be carried back. distribution to an eligible retirement plan that
($40,000 - $30,000) can be carried back to Repayments made after the due date of your accepts rollover contributions. You cannot,
2018 or 2019. 2020 return (including extensions) but before however, repay more than the amount of the
the due date of your 2021 return (including original distribution. See Repayment of a
Example 2. You received a qualified extensions) will generally be reported on Qualified 2017 Disaster Distribution, earlier,
2017 disaster distribution in the amount of your 2021 Form 8915-B if you are repaying a for details.
$90,000 on October 16, 2017. You choose to qualified 2018 disaster distribution received
spread the $90,000 over 3 years ($30,000 in in 2018. However, you may have to file an Enter on line 12 the amount of any
income for 2017, 2018, and 2019). On amended return in certain situations. See repayments you made before filing your
November 19, 2020, you make a repayment Amending Form 8915-B, earlier. 2020 return. Do not include any repayments
of $75,000. You carry back $30,000 to 2019 made later than the due date (including
and $30,000 to 2018. You carry back Example. You received a $90,000 extensions) for that return nor any
$15,000 to 2017. qualified 2017 disaster distribution on repayments of nontaxable amounts. If you
-2- Instructions for Form 8915-B (2020)
|