IRS Form 8915 reports distributions from retirement plans due to qualified disasters and allows you to spread the taxable portion of the distribution over three years, providing some relief, if needed, in the year of the disaster. It is also used to report repayments, which could help you to avoid being taxed on the distribution should your situation improve.
Form 8915-F allows taxpayers who withdrew retirement funds due to the coronavirus to take advantage of this. Additionally, the form will be filed in 2021 and 2022 to report the 1/3 taxable portions of the 2020 distributions (reduced by any repayments of the 2020 distributions you make).
Note: the retirement area of taxation is very complex, and because this form was released late in the tax year, it might take us a while to fully implement the changes required across our federal and state products.
Therefore, we are taking a phased approach to doing these program updates, prioritizing the most common situations so that we can maximize the number of people who can file their tax returns.