Instructions For Form 8915 - 2008 printable pdf download

2 0 08

Department of the Treasury

Internal Revenue Service

Instructions for Form 8915

Qualified Hurricane Retirement Plan Distributions and Repayments

would otherwise file Form 1040, 1040A,

distributions) from an eligible retirement

Section references are to the Internal

or 1040NR.

plan as a qualified hurricane distribution,

Revenue Code unless otherwise noted.

regardless of whether the distribution was

General Instructions

How is a Qualified

made on account of Hurricane Katrina,

Rita, or Wilma. Qualified hurricane

Hurricane Distribution

What’s New

distributions were permitted without

Taxed?

regard to your need or the actual amount

Tax relief for the Kansas disaster area.

of your economic loss.

Generally, a qualified hurricane

Special rules apply to the use of

A reduction or offset in 2005 or 2006 of

distribution is included in your income in

retirement funds by qualified individuals

your account balance in an eligible

equal amounts over 3 years. However,

who suffered an economic loss in the

retirement plan in order to repay a loan

you could have elected to include the

Kansas disaster area as a result of the

also could have been designated as a

entire distribution in your income in the

storms and tornadoes that began on May

qualified hurricane distribution. See

year of the distribution. Any repayments

4, 2007. See Publication 4492-A,

Distribution of plan loan offsets below.

made before you file your return and by

Information for Taxpayers Affected by the

the due date (including extensions)

Limit. The total of your qualified

May 4, 2007, Kansas Storms and

reduce the amount of the distribution

hurricane distributions for 2005 and 2006

Tornadoes, for more information.

included in your income.

from all plans was limited to $100,000. If

Purpose of Form

you had distributions in excess of

Also, qualified hurricane distributions

$100,000 from more than one type of

are not subject to the additional 10% tax

Use Form 8915 if you were adversely

plan, such as a 401(k) plan and an IRA,

on early distributions.

affected by Hurricane Katrina, Rita, or

you could have allocated the $100,000

Wilma, and you received a distribution

You cannot take a qualified

limit among the plans any way you chose.

that qualifies for favorable tax treatment.

hurricane distribution after 2006.

Eligible retirement plan. An eligible

CAUTION

Parts I and II

retirement plan can be any of the

following.

Use Parts I and II to:

Qualified Hurricane

•

A qualified pension, profit-sharing, or

Report any repayments of qualified

stock bonus plan (including a 401(k)

Distribution

hurricane distributions, and

•

plan).

Figure the taxable amount, if any, of

A qualified hurricane distribution is any

•

A qualified annuity plan.

your qualified hurricane distributions.

•

distribution you received in 2005 or 2006

A tax-sheltered annuity contract.

Note. Distributions from retirement plans

from an eligible retirement plan if both of

•

A governmental section 457 deferred

(other than IRAs) are reported in Part I

the following conditions were met.

compensation plan.

and distributions from IRAs are reported

•

1. Your main home was located in a

A traditional, SEP, SIMPLE, or Roth

in Part II.

hurricane disaster area listed below on

IRA.

the date shown for that area.

Distribution of plan loan offsets. A

Additional Information

a. August 28, 2005, for the Hurricane

distribution of a plan loan offset is a

Katrina disaster area. For this purpose,

See Pub. 4492, Information for Taxpayers

distribution that occurs when, under the

that area includes the states of Alabama,

Affected by Hurricanes Katrina, Rita, and

terms of a plan, the participant’s accrued

Florida, Louisiana, and Mississippi.

Wilma, for more details.

benefit is reduced (offset) in order to

b. September 23, 2005, for the

repay a loan. A distribution of a plan loan

Hurricane Rita disaster area. For this

Who Must File

offset amount can occur for a variety of

purpose, that area includes the states of

reasons, such as when a participant

File Form 8915 if any of the following

Louisiana and Texas.

terminates employment or does not

apply.

c. October 23, 2005, for the Hurricane

•

comply with the terms of repayment. Plan

You received a qualified hurricane

Wilma disaster area. For this purpose,

loan offsets are treated as actual

distribution from an eligible retirement

that area includes the state of Florida.

distributions and are reported on Form

plan in 2006 that you are including in

2. You sustained an economic loss

1099-R, box 1.

income in equal amounts over 3 years.

because of Hurricane Katrina, Rita, or

•

Main home. Generally, your main home

You made a repayment of a qualified

Wilma, and your main home was in that

is the home where you live most of the

hurricane distribution in 2008.

hurricane disaster area on the date in (1)

time. A temporary absence due to special

above for that hurricane. Examples of an

If you were affected by the Kansas

circumstances, such as illness, education,

economic loss include, but are not limited

TIP

storms and tornadoes that began

business, military service, evacuation, or

to (a) loss, damage to, or destruction of

on May 4, 2007, see Pub. 4492-A

vacation, will not change your main home.

real or personal property from fire,

to determine what version of Form 8915

Additional tax. Qualified hurricane

flooding, looting, vandalism, theft, wind, or

you must file.

distributions were not subject to the

other cause; (b) loss related to

additional 10% tax (or the 25% additional

displacement from your home; or (c) loss

When and Where to File

tax for certain distributions from SIMPLE

of livelihood due to temporary or

File Form 8915 with your 2008 Form

IRAs) on early distributions and are not

permanent layoffs.

1040, 1040A, or 1040NR. If you are not

required to be reported on Form 5329.

required to file an income tax return but

If (1) and (2) applied, you could have

However, any distributions you received

are required to file Form 8915, sign Form

generally designated any distribution in

in excess of the $100,000 qualified

8915 and send it to the Internal Revenue

2005 or 2006 (including periodic

hurricane distribution limit may have been

Service at the same time and place you

payments and required minimum

subject to the additional tax.

Cat. No. 48411X

Instructions For Form 8915 - 2008

Related Articles

Related forms

Related Categories