Qualified 2020 Disaster Retirement Plan Distributions are reported on IRS Form 8915-E.
Are you able to elect to report the taxable income from the distribution over three years? Or does even the one-third put you over the AGI limits that you are referring to?
See IRS Coronvirus Relief for Retirement Plans and IRAs under Coronavirus-related distributions from workplace retirement plans and IRAs.
Taxes on distributions:
Coronavirus-related distributions:
- Are included in taxable income
- Over a three-year period, one-third each year, or
- If elected, in the year you take the distribution.
- Are not subject to the 10% additional tax on early distributions (including the 25% additional tax on certain SIMPLE IRA distributions) that may otherwise apply to most withdrawals before age 59 ½
- Are not subject to mandatory tax withholding, and
- May be repaid to an IRA or workplace retirement plan within three years, if eligible for tax-free rollover treatment.
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