What happens if you don't file Form 8915-B?

You may be subject to penalties if you don't file Form 8915-B. You should file the form as soon as possible to avoid any potential penalties.

What information is needed to complete Form 8915-B?

Information about your qualified disaster distribution, including the amount received and the type of retirement plan or IRA involved. You may also need information about any repayments made during the 3-year period following the date of the distribution.

How do you calculate the income tax on a qualified disaster distribution?

The income tax on a qualified disaster distribution is figured in Part II of Form 8915-B. The calculation involves determining your total distributions for the year and subtracting any excludable amounts, such as rollover contributions and repayments.

What is the Privacy Act and Paperwork Reduction Act Notice?

The Privacy Act notice explains that the information provided on Form 8915-B will be used by the Internal Revenue Service (IRS) to administer federal tax laws. The Paperwork Reduction Act notice explains that the form is subject to specific regulations regarding its average time and expenses.

Who should file Form 8915-B?

Taxpayers who received a qualified disaster distribution from a retirement plan, including an IRA, due to certain disasters declared after December 31, 2016.

When should Form 8915-B be filed?

Form 8915-B must be attached to your federal income tax return for the year of the qualified disaster distribution. If you didn't file a return for that year, you must file the form within 3 years from the due date (including extensions) of the return.

What is the deadline to file an amended Form 8915-B?

You may file an amended Form 8915-B if you need to correct an error or make a change due to a casualty loss, death, divorce, annulment, or legal separation. The deadline for filing an amended form is generally within 3 years from the due date (including extensions) of your original return.

What is the purpose of Form 8915-B?

To report and compute any income tax on qualified disaster distributions received from a retirement plan or an IRA due to certain disasters declared after December 31, 2016.

What is a qualified disaster distribution?

A withdrawal or distribution made from a retirement plan or an IRA on account of certain designated disasters. The withdrawal or distribution is not subject to the 10% additional tax that generally applies to early distributions.

Form 8915-B

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Qualified 2017 Disaster Retirement Plan Distributions and Repayments

Rev. 2021

Form 8915-B is a tax form for reporting qualified disaster distributions and repayments from retirement plans and IRAs, other than IRAs. The form is related to coronavirus-related distributions and instructions can be found on IRS website. It should be attached to the 2021 Form 1040, 1040-SR or 1040-NR and filled with required information including Social Security number, home address, and foreign country details if applicable. The form has two parts: Part I for retirement plans other than IRAs and Part II for traditional, SEP, SIMPLE, and Roth IRAs. In each part, users need to enter amounts from the previous year's Form 8915-B, calculate excess repayments, and report total repayments made in 2021 that were not included in the previous form. The amounts can be carried back to reduce the amount subject to tax in a prior year. Users are required to sign and declare the information as true under penalties of perjury.

Instructions

Form 8915-B Instructions - Instructions for Form 8915-B, Qualified 2017 Disaster Retirement Plan Distributions and Repayments

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FAQ

What happens if you don't file Form 8915-B?
You may be subject to penalties if you don't file Form 8915-B. You should file the form as soon as possible to avoid any potential penalties.
What information is needed to complete Form 8915-B?
Information about your qualified disaster distribution, including the amount received and the type of retirement plan or IRA involved. You may also need information about any repayments made during the 3-year period following the date of the distribution.
How do you calculate the income tax on a qualified disaster distribution?
The income tax on a qualified disaster distribution is figured in Part II of Form 8915-B. The calculation involves determining your total distributions for the year and subtracting any excludable amounts, such as rollover contributions and repayments.
What is the Privacy Act and Paperwork Reduction Act Notice?
The Privacy Act notice explains that the information provided on Form 8915-B will be used by the Internal Revenue Service (IRS) to administer federal tax laws. The Paperwork Reduction Act notice explains that the form is subject to specific regulations regarding its average time and expenses.
Who should file Form 8915-B?
Taxpayers who received a qualified disaster distribution from a retirement plan, including an IRA, due to certain disasters declared after December 31, 2016.
When should Form 8915-B be filed?
Form 8915-B must be attached to your federal income tax return for the year of the qualified disaster distribution. If you didn't file a return for that year, you must file the form within 3 years from the due date (including extensions) of the return.
What is the deadline to file an amended Form 8915-B?
You may file an amended Form 8915-B if you need to correct an error or make a change due to a casualty loss, death, divorce, annulment, or legal separation. The deadline for filing an amended form is generally within 3 years from the due date (including extensions) of your original return.
What is the purpose of Form 8915-B?
To report and compute any income tax on qualified disaster distributions received from a retirement plan or an IRA due to certain disasters declared after December 31, 2016.
What is a qualified disaster distribution?
A withdrawal or distribution made from a retirement plan or an IRA on account of certain designated disasters. The withdrawal or distribution is not subject to the 10% additional tax that generally applies to early distributions.

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Federal tax forms

Form 8915-B is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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