Instructions for Filling Out Form 8915-F

Instructions for Filling Out Form 8915-F

Written by 
Pilot Team
July 16, 2023
Instructions for Filling Out Form 8915-F

Instructions for Filling Out Form 8915-F

This document servs as a comprehensive guide for taxpayers reporting qualified disaster distributions and repayments on Form 8915-F, including information on future developments, new regulations, reminders, general instructions, and specific instructions for filling out the form. Appendices, worksheets, and notices about privacy and the Paperwork Reduction Act are also provided.

In this article, we'll provide information on Form 8915-F and a step-by-step guide on how to fill it out.

What is Form 8915-F?

Form 8915-F is a tax document used to report qualified disaster retirement plan distributions and repayments, specifically for disasters that have received relief from the IRS. This form enables taxpayers to spread the income from these distributions over a three-year period and repay the distributions to avoid taxation. The primary purpose of Form 8915-F is to help taxpayers report and potentially defer or avoid taxes on retirement plan distributions made due to qualified disasters. It covers various scenarios, including distributions from retirement plans other than IRAs, distributions from IRAs, and distributions for the purchase or construction of a main home in a qualified disaster area. The form also provides appendices and worksheets to assist in calculating the amounts to be reported.

Who Must File Form 8915-F?

Individuals who need to file Form 8915-F include those who received qualified disaster distributions from an eligible retirement plan, those who received a qualified distribution for the purchase or construction of a main home in a qualified disaster area, individuals who made repayments of qualified disaster distributions within the specified time frame, and taxpayers who are including income from qualified disaster distributions over a 3-year period and are in any year of this period.

Form 8915-F Tax Filing Deadlines and Due Dates

  • Last Day To Make Qualified Disaster Distributions for Your Disaster: This varies based on the disaster's declaration date and beginning date. For example, if the later of the disaster's declaration or beginning date was March 1, 2023, the last day to make qualified disaster distributions for your disaster was August 27, 2023.
  • Last Day To Repay Your Part IV Qualified Distribution: Similar to the distributions, the last day to repay qualified distributions for the purchase or construction of a main home in a qualified disaster area also varies based on the disaster's specifics. For instance, if the later of the disaster's declaration or beginning date was March 1, 2023, the last day to repay your Part IV qualified distribution was August 28, 2023.

These due dates are part of the broader instructions provided for completing Form 8915-F and depend on the specific circumstances of each qualified disaster.

Form 8915-F Late Payment Penalty

While the provided instructions do not explicitly mention a late payment penalty for Form 8915-F, penalties related to late payments or filings are typically outlined in the tax form instructions or the Internal Revenue Code and may depend on individual circumstances, such as the amount owed and the length of the delay. For precise penalty information, it would be necessary to consult the IRS guidelines or a tax professional.

Step-by-Step Instructions for Form 8915-F

Step by step instructions for filling out Form 8915-F:

  1. Introductory Material: Review the future developments and what's new sections to understand the latest changes to the form and instructions.
  2. General Instructions: Read through the helpful hints, understand the purpose of the form, determine if you must file, and note the filing deadlines and locations.
  3. Specific Instructions: Follow the detailed instructions for each part of the form:
    • Provide general information such as your name and SSN.
    • For Part I, report total distributions from all retirement plans, including IRAs, and identify qualified disaster distributions.
    • In Part II, detail qualified disaster distributions from retirement plans other than IRAs.
    • Part III requires information on qualified disaster distributions from IRAs.
    • Part IV is for reporting qualified distributions used for purchasing or constructing a main home in disaster areas.
  4. Use the Appendices and Worksheets: Depending on your situation, use the provided appendices and worksheets to calculate and determine specific amounts to report on the form. This includes determining which lines to complete, calculating income from distributions, and figuring out repayment amounts.
  5. Review the Privacy Act and Paperwork Reduction Act Notice: Understand the legal implications and requirements for providing information on the form.
  6. Finalize and Submit: After completing all relevant sections and calculations, review the form for accuracy, then sign and date it. Submit the form to the IRS by the filing deadline, along with any other required tax documents.

How to Submit Form 8915-F

To submit Form 8915-F, file it along with your Form 1040, 1040-SR, or 1040-NR for the year checked in item A at the top of page 1 of your Form 8915-F. The timing of your distributions and repayments will determine whether you need to file an amended return to claim them.

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