The draft version of IRS Form 8915-F states:
When Should I Not Use a Form 8915-F?
Reporting coronavirus-related and other distributions for qualified 2020 disasters made or received in 2020. This form replaces Form 8915-E for tax years beginning after 2020. Do not use a Form 8915-F to report qualified 2020 disaster distributions made in 2020 or qualified distributions received in 2020 for qualified 2020 disasters.
You will still use 2020 Form 8915-E to report coronavirus-related and other qualified disaster distributions made in 2020 and to report qualified distributions received in 2020 for qualified 2020 disasters.
That is verbatim from the draft Form 8915-F. So it seems erroneous that people who took out coronavirus-related withdrawals from their 401(k) in 2020 need to file a Form 8915-F, based on the information in the draft.
If there is an error in the draft, or some other information that a tax expert can add, that contradicts the statement in the IRS draft of Form 8915-F above -- i.e., that 2020 401(k) distributions due to COVID should continue to be reported via 8915-E -- please provide evidence to back that up, because the IRS seems to be saying something different. The draft also says to use the 2020 Form 8915-E ... Does that mean there won't be a 2021 version of the form?
Or -- and I'm just making a leap here -- if splitting the taxes over 3 years is considered "taking distributions" in 2021 and 2022 (as well as 2020), could someone clarify that's the case? Because that changes the entire definition of the above excerpt.
I also have the question mentioned previously about the 1099-R. Do 401(k) providers generally send out another 1099-R for subsequent years if you're paying the taxes over 3 years, or would you simply include the 2020 1099-R received from the financial institution?
Thanks,
Chris
