Regulatory Updates

IRS Issues Draft Instructions for Reporting of Qualified Disaster Distributions

The IRS has provided draft Instructions for Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments. Form 8915-F is to be used to report

  • Qualified 2021 and later disaster distributions,
  • Qualified 2020 disaster distributions made in 2021 or 2022,
  • Repayments of qualified 2020 and later disaster distributions,
  • Income in 2021 and later years from qualified 2020 and later disaster distributions, and
  • Qualified distributions received in 2021 and later years.

In the past, the nomenclature for Form 8915 has changed each reporting year with a subsequent letter of the alphabet. The IRS indicates in these instructions that Form 8915-F will be a “forever” form and will not be redesignated each year.

Regulatory Updates

IRS Releases Draft Forms 1099-R and 5498 for 2023 Tax Year

IRS Releases Draft Forms 1099-R and 5498 for 2023 Tax Year

The IRS has posted draft versions of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and Form 5498, IRA Contribution Information for tax year 2023.