New Form for COVID-19 Retirement Account Withdrawals

As discussed in our earlier post on October 1, 2020, certain taxpayers who were directly affected by the pandemic are permitted to withdraw up to $100,000 from retirement accounts without penalty.

The IRS recently introduced a new form, Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which taxpayers will be required to use to report these distributions on their 2020 income tax returns.

We will be discussing the new form along with the rules and strategies related to these distributions as part of our upcoming Individual Tax Year-End Workshops.