Do not include on your 2020 Form 8915-E any repayments you make later than the due date (including extensions) for filing your 2020 return. Any repayments you make will reduce the amount of qualified 2020 disaster distributions reported on your return for 2020. Include on 2020 Form 8915-E any repayments you make before filing your 2020 return. Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a rollover. Amounts that are repaid are treated as a trustee-to-trustee transfer and are not included in income. The amount of your repayment cannot be more than the amount of the original distribution. You have 3 years from the day after the date you received the distribution to make a repayment. Your repayment can't be made any earlier than the day after the date you received the qualified 2020 disaster distribution. However, see Exceptions, later, for qualified 2020 disaster distributions you can’t repay. Also, you can repay a qualified 2020 disaster distribution made on account of hardship from a retirement plan. If you choose, you can generally repay any portion of a qualified 2020 disaster distribution that is eligible for tax-free rollover treatment to an eligible retirement plan. See Distribution of plan loan offsets, later. See Eligible retirement plan, later, for the list of plans from which qualified 2020 disaster distributions can be made.Ī reduction or offset of your account balance in an eligible retirement plan (other than an IRA) in order to repay a loan can also be designated as a qualified 2020 disaster distribution. Qualified 2020 disaster distributions are permitted without regard to your need or the actual amount of your economic loss. If (1) through (3) apply, you can generally designate any distribution (including periodic payments and required minimum distributions) from an eligible retirement plan as a qualified 2020 disaster distribution, regardless of whether the distribution was made on account of a qualified 2020 disaster. Examples of an economic loss include, but aren’t limited to, (a) loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause (b) loss related to displacement from your home or (c) loss of livelihood due to temporary or permanent layoffs. You sustained an economic loss because of the disaster(s) in (2) above. The qualified 2020 disaster area is the state, territory, or tribal government in which the disaster occurs. Your main home was located in a qualified 2020 disaster area listed in Table 1 at any time during the disaster period shown for that area in Table 1. Distributions from a designated Roth account can only be rolled over to another designated Roth account or to a Roth IRA.The distribution was made in 2020 on or after the first day of the disaster.
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