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IRS Form 8915-E, Line 10

maximgt
Level 2

IRS instructions for Line 10 Form 8915-E reads "Enter on line 10 the amount of any repayments you made before filing your 2020 return. Do not include any repayments made later than the due date (including extensions). The language is a bit confusing (for me). But not so fast, here comes my question: If a taxpayer filed for an extension, and received a coronavirus related distribution in 2020, can this taxpayer claim on line 10 of Form 8915-E, repayments (ear-marked for year #1, which is 2020) made through October 15, 2021 (extension deadline)?     

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qbteachmt
Level 15

"Do not include any repayments made later than the due date (including extensions)."

Yes. It's right there: including extensions.

"can this repayment be ear-marked for the filing of the 2020 tax return?"

The first amount, yes. That's because the tax return hasn't yet been filed, so there is the inclusion of this repayment. Otherwise, when the repayment is after the filing due date, it is part of the date you repaid it; or you would also Amend 2020.

It's all about Timing. It's an extension for the Rollover provision. It's no more or less special than that.

 

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Skylane
Level 8
Level 8

If you look at the 1099r worksheet in the qualified disaster distribution smart worksheet, item C allows you enter the amount of the repayment 

If at first you don’t succeed…..find a workaround
maximgt
Level 2

I appreciate the response. However, I was more concerned about the timing of the repayment. In other words, if a COVID related repayment is made between May 18, 2021, and October 15, 2021 (extension), can this repayment be ear-marked for the filing of the 2020 tax return?

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qbteachmt
Level 15

"Do not include any repayments made later than the due date (including extensions)."

Yes. It's right there: including extensions.

"can this repayment be ear-marked for the filing of the 2020 tax return?"

The first amount, yes. That's because the tax return hasn't yet been filed, so there is the inclusion of this repayment. Otherwise, when the repayment is after the filing due date, it is part of the date you repaid it; or you would also Amend 2020.

It's all about Timing. It's an extension for the Rollover provision. It's no more or less special than that.

 

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

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