topic Re: Amend 2018 return in After you file

Amend 2018 return

ayessman — Wed, 10 Jun 2020 14:24:54 GMT

I filed taxes in 2018, I live in a federal disaster zone. My home was destroyed by hurricane Michael. we took a disbursement from our retirement to pay for initial cleanup. How do I amend my return to reflect the disbursement?

Re: Amend 2018 return

macuser_22 — Wed, 10 Jun 2020 16:01:08 GMT

See IRS Pub 590B https://www.irs.gov/publications/p590b

[quote]

"Disaster tax relief. Recent legislation contains special rules that provide for tax-favored withdrawals from and repayments to certain retirement plans (including IRAs) for taxpayers who suffered economic losses as a result of certain major disasters that occurred in 2018, 2019, and early 2020. See Disaster-Related Relief , later, for information on these special rules. Also see the Instructions for Form 8915-C, Qualified 2018 Disaster Retirement Plan Distributions and Repayments, and the Instructions for Form 8915-D, Qualified 2019 Disaster Retirement Plan Distributions and Repayments, for more information on these special rules."

The IRS has been very slow to produce the new 8916-C form, in fact the draft versions for that form was just posted by the IRS on 6/6/2020 and it will take several more weeks (or months) before that form is made final and then the IRS translates the paper 8915-C form into an electronic "schema" that tax software companies like TurboTax can use to produce compatible electronic - that usually takes a few additional weeks. Only then can TurboTax make the form available in the software.

You can view the draft forms here:

form: https://www.irs.gov/pub/irs-dft/f8915c--dft.pdf

Instructions: https://www.irs.gov/pub/irs-dft/i8915c--dft.pdf

Re: Amend 2018 return

ayessman — Wed, 10 Jun 2020 16:22:56 GMT

Thank you for the information. I have been holding off on filing 2019 till July 15 and I would like to amend my 2018 to reflect the disbursement. If this form is just in draft and wont be available for a few months what am I to do? I may have to go to a tax preparer.

Re: Amend 2018 return

Critter — Wed, 10 Jun 2020 16:37:34 GMT

I suggest you file an extension for the 2019 return ... that will give you until 10/15/2020 to file ... hopefully by then the form will be operational.