CARES Act Retirement Distributions: Form 8915-E and Form 8915-F: Reporting qualified 2020 disaster retirement distribution. See Form 8915-E 2020 for reporting on Form 8915-F in 2021 (and 2022). IRS Form 8915-E and IRS Form 8915-F links are below. Form 8915-F is used to report a disaster-related retirement distribution, and any repayments of those funds. It also allows you to spread the taxable portion of the distribution over three years, if needed and report prior year distribution amounts which are to be taxed in 2021. FIND JJ THE CPA'S CPE, TAX SEMINARS, BOOKS, SOCIAL MEDIA & MORE JJ THE CPA's WEBSITE JJ THE CPA's ERTC SEMINAR YOU NEED TO CHECK OUT MORE INFO SEE BELOW: What is Form 8915-F Qualified 2021 Disaster Retirement Plan Distributions and Repayments? Form 8915-E for 2020 Only (Not for 2021) Form 8915-F for 2021 and 2022 (as of 3/7/22) Form 8915-F Instructions ANOTHER CPA'S VIDEO ON THIS SUBJECT: THIS IS NOT AN ENDORSEMENT OF THE LINKED VIDEO CONTENT, AND I AM NOT LIABILE FOR ANY OF IT'S INFORMATION What is Form 8915-F Qualified 2021 Disaster Retirement Plan Distributions and Repayments? Form 8915-F is used to report a disaster-related retirement distribution, and any repayments of those funds. It also allows you to spread the taxable portion of the distribution over three years, if needed and report prior year distribution amounts which are to be taxed in 2021. Form 8915-F replaces Form 8915-E. To qualify for Form 8915-F and to be exempt from the early withdrawal penalty a few rules must be met: 1. The withdrawal had to come from an eligible retirement plan, which could be any of the following: A qualified pension, profit-sharing, or stock bonus plan (including a 401(k)) A qualified annuity plan A tax-sheltered annuity contract A governmental section 457 deferred compensation plan A traditional, SEP, SIMPLE, or Roth IRA 2. The distribution must be to an eligible individual. There is also a $100,000 distribution limit to the exemption. Any distributions over that amount, may be subject to the additional tax. JJ the CPA covers: Taxes, tax issues, self employed tax planning, tax planning, self-employment, ERTC, ERC, PPP loan forgiveness, Employee Retention Credit, EIDL, Economic Injury Disaster Loan, EIDL Grant, Form 1040, Form 1120S, Form 1120, Form 1065, Form 941, Form 940, Form W-2, Form W-3, Form 1120-S, Form W2, Form W3, Itemized deductions, Schedule A, Schedule B, Interest Income, Schedule C, Self Employment Income, Sole Proprietor, Single Member LLC, Limited Liability Company, LLC tax issues, S corporation taxes, Partnership tax issues, Corporate tax issues, Schedule E, Real estate tax planning, Real estate depreciation, Depreciation, Section 179 depreciation, vehicle depreciation, SUV tax depreciation, Bonus depreciation, Form 4797, Schedule F, Farm tax issues, Farming tax planning, Commercial Real Estate tax planning, capital gains, capital losses, cryptocurrency tax issues, crypto-currency tax capital gains tax rates, married filing jointly, married filing separately, single filing status, head of household tax issues, child tax credit, child care tax credits, advance child tax credits, IRS letters, IRS letter 6419, IRS Letter 6475, Schedule K-1, Schedule K-2, Schedule K-3, Schedule K, Schedule M-1, Schedule M-2, Schedule K1, Tax exempt income, PPP loan forgiveness tax exempt income, IRA distributions, Roth IRA contributions, IRA contributions, 401K contributions, Employment tax issues, Employee taxes, Employment withholdings, Form W4, Re-contributions of IRS, Cares Act, American Rescue Act, ACA, Appropriations Consolidation Act, FFCRA, Sick leave credits, family leave credits, employee retention credit, EIDL, Dependent care tax credits, Form 2441, American Opportunity Tax Credit, Lifetime Learning Credit, Self-employment tax, net investment tax, net investment income tax, Form 8960, tax basis, at-risk basis, shareholders basis, stock basis, Form 7203, partnership capital, partnership basis, partners, share of liabilities, IRS Revenue procedure 2021-48, IRC, Internal Revenue #jjthecpa #taxes #tax #cpa COMMENTS ARE NOT REVIEWED. PLEASE DO NOT EXPECT AN ANSWER TO YOUR QUESTIONS. PLEASE REVIEW FULL DISCLAIMER I AM A CPA, BUT I AM NOT YOUR CPA. YOU MUST CONSULT WITH YOUR OWN TAX, FINANCIAL & LEGAL ADVISER. ANY INFORMATION ON THIS CHANNEL IS INTENDED FOR INFORMATIONAL PURPOSES AND FOR GENERAL GUIDANCE ONLY AND MUST NEVER BE CONSIDERED A SUBSTITUTE FOR ADVICE PROVIDED BY YOUR ADVISERS. THIS CHANNEL DOES NO CONSTITUTE ADVICE....(read more)
LEARN MORE ABOUT: Qualified Retirement Plans
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