We took a $80k Covid-19 IRA distribution in ty2020 and divided it over 3 years and repaid $10k before filing for 2020. Now, in early 2022 we have repaid the entire amount (the additional $70k). Now I need to Amend my 2020 taxes to show that repayment. My intention is to show a $30k repayment in 2020, a $20k repayment in 2021, and a $30 repayment in 2022. The only way I can find to change the repayment information (from $10k to $30k) is to delete the Form 8915-E and reenter the "amount rolled over to another (or back to the same) retirement account" in the step-by-step dialogue. Is this correct? Or is there another way to amend this value?
You'll need to sign in or create an account to connect with an expert.
No, do not delete Form 8915-E and enter it "amount rolled over to another (or back to the same) retirement account". Please see the instructions below.
Yes, you will need to amend your 2020 return to carry back the amount of the repayment. You will only enter as much repayment as was taxable in 2020. The rest of the repayment will have to be allocated to 2021 and 2022.
Since you repaid already $10,000, you will add the $16,667 to the $10,000 and enter $26,667 but please check how it was rounded on your return. Only reduce the distribution amount to $0.
Please follow these steps:
"If you make a repayment by the due date of your 2020 return (including extensions), include the repayment on your amended 2020 Form 8915-E.
If you make a repayment after the due date of your 2020 return (including extensions) but before the due date of your 2021 return (including extensions) and you have spread the income over 3 years, include the repayment on your 2021 Form 8915-E. However, you may file an amended Form 8915-E for 2020 if either of the following applies.
Example
You received a qualified 2020 disaster distribution in the amount of $90,000 in 2020. The distribution was made on October 16. You choose to spread the $90,000 over 3 years ($30,000 in income for 2020, 2021, and 2022). On November 19, 2021, you make a repayment of $45,000. For 2021, none of the qualified 2020 disaster distribution is included in income. The excess repayment of $15,000 ($45,000 - $30,000) can be carried back to 2020. Also, instead of carrying the excess repayment back to 2020, you can choose to carry it forward to 2022." (IRS)
No, do not delete Form 8915-E and enter it "amount rolled over to another (or back to the same) retirement account". Please see the instructions below.
Yes, you will need to amend your 2020 return to carry back the amount of the repayment. You will only enter as much repayment as was taxable in 2020. The rest of the repayment will have to be allocated to 2021 and 2022.
Since you repaid already $10,000, you will add the $16,667 to the $10,000 and enter $26,667 but please check how it was rounded on your return. Only reduce the distribution amount to $0.
Please follow these steps:
"If you make a repayment by the due date of your 2020 return (including extensions), include the repayment on your amended 2020 Form 8915-E.
If you make a repayment after the due date of your 2020 return (including extensions) but before the due date of your 2021 return (including extensions) and you have spread the income over 3 years, include the repayment on your 2021 Form 8915-E. However, you may file an amended Form 8915-E for 2020 if either of the following applies.
Example
You received a qualified 2020 disaster distribution in the amount of $90,000 in 2020. The distribution was made on October 16. You choose to spread the $90,000 over 3 years ($30,000 in income for 2020, 2021, and 2022). On November 19, 2021, you make a repayment of $45,000. For 2021, none of the qualified 2020 disaster distribution is included in income. The excess repayment of $15,000 ($45,000 - $30,000) can be carried back to 2020. Also, instead of carrying the excess repayment back to 2020, you can choose to carry it forward to 2022." (IRS)
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
officialcarlernestbsantos
New Member
fpho16
New Member
manwithnoplan
Level 2
EKrish
Level 2
sesayse92
Level 1