Unlike Forms 8915-A through E that dealt with specific years, the IRS calls Form 8915-F a "forever" form to the extent that it will be used for disaster years 2020-2024. The expectation is that it may be appended in future years foregoing the need to establish a "new" Form 8915 each year. Since 8915-F is a multi-year form, the preparer needs to indicate the year for which the form is applicable
Form 8915-F is used to report the following:
- Qualified 2020 non-COVID disaster distributions made in 2021 or 2022, including the Washington state disaster designated 8593-DR-WA on January 1, 2021.
- Repayments of current and prior year qualified disaster distributions.
- The current year's income for both current and prior year disaster distributions spread over three years.
Completing Form 8915-F for a COVID-related distribution for a returning client (whose prior year return was prepared in TaxSlayer Pro)
Note: The previous years return must be closed when pulling it to the current year.
From the Main Menu of the tax return select:
- Income
- IRA/Pension Distributions - If you are asked about pulling forward prior year 1099-R information, answer Yes or No as desired. (Your answer won't affect the preparation of Form 8915-F.)
- Other button
- Taxpayer's (or Spouse's) Form 8915-F, as applicable
- Disaster Occurred in Calendar Year 2020 - In the Disaster Information Entry window, check the Disaster is the Coronavirus check box.
The relevant information from the 2020 Form 8915-E will be automatically entered in the form, including this year's taxable amount. If the taxpayer repaid any amount in the current year, enter that in the appropriate menu.
Completing Form 8915-F for a COVID-related distribution for a new client (whose prior year return was not prepared in TaxSlayer Pro)
You will need to have a copy of the prior year Form 8915-E to refer to. From the Main Menu of the tax return select:
- Income
- IRA/Pension Distributions
- Other button
- Taxpayer's (or Spouse's) Form 8915-F, as applicable
- Disaster Occurred in Calendar Year 2020 - In the Disaster Information Entry window, check the Disaster is the Coronavirus check box.
- Examine Form 8915-E, and in the Form 8915-F menu select either Part II or Part III, whichever part applies from Form 8915-E.
- Part II - Disaster Retirement Plan Distributions (Other than IRA's)
- Select amounts from Prior Year Form 8915-E (Worksheet 2) and enter the appropriate amounts from the 2020 Form 8915-E.
- 2020 Form 8915-E Line 9 = 1/3 of Total Other than IRA Retirement Plan Qualified Disaster Distributions received by the taxpayer in 2020.
- 2020 Form 8915-E Line 10 = Repayments of Other than IRA Qualified Disaster Distributions made prior to filing 2020 tax return and reported on the 2020 return.
- Part III - Disaster Traditional, SEP, SIMPLE & Roth IRA Distributions
- Select amounts from prior year Form 8915-E (Worksheet 4) and enter the appropriate amounts from the 2020 Form 8915-E.
- 2020 Form 8915-E Line 17 = 1/3 of Total IRA Retirement Plan Qualified Disaster Distributions received by the taxpayer in 2020.
- 2020 Form 8915-E Line 18 = Repayments of IRA Qualified Disaster Distributions made prior to filing 2020 tax return and reported on the 2020 return.
If the taxpayer repaid any amount in the current year, enter that in the appropriate menu.
Additional Information: