Instructions For Form 8930 - 2008 printable pdf download

2 0 08

Department of the Treasury

Internal Revenue Service

Instructions for Form 8930

Qualified Disaster Recovery Assistance Retirement Plan

Distributions and Repayments

1. For a distribution made in 2008, the

Section references are to the Internal

Who Must File

distribution was made on or after the

Revenue Code unless otherwise noted.

File Form 8930 if either of the following

applicable disaster date (see Table 1 on

General Instructions

applies.

page 5).

•

You received a qualified disaster

2. Your main home was located in a

recovery assistance distribution from an

Purpose of Form

Midwestern disaster area on the

eligible retirement plan.

•

applicable disaster date (see Table 1 on

Use Form 8930 if you were adversely

You received a qualified distribution for

page 5).

affected by the Midwestern severe

the purchase or construction of a main

storms, tornadoes, or flooding, and you

3. You sustained an economic loss

home in a Midwestern disaster area that

received a distribution that qualifies for

because of the severe storms, tornadoes,

you repaid, in whole or in part, before

favorable tax treatment. See Table 1 on

March 4, 2009.

or flooding, and your main home was in

page 5 for the Midwestern disaster areas.

that disaster area on the applicable

When and Where To File

disaster date. Examples of an economic

Part I

loss include, but are not limited to (a)

File Form 8930 with your 2008 Form

Use Part I to figure your:

•

loss, damage to, or destruction of real or

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

Total distributions from all retirement

personal property from fire, flooding,

required to file an income tax return but

plans (including IRAs),

•

looting, vandalism, theft, wind, or other

are required to file Form 8930, sign Form

Qualified distributions, and

•

cause; (b) loss related to displacement

8930 and send it to the Internal Revenue

Distributions, other than qualified

Service at the same time and place you

from your home; or (c) loss of livelihood

disaster recovery assistance distributions.

would otherwise file Form 1040, 1040A,

due to temporary or permanent layoffs.

Parts II and III

or 1040NR.

Use Parts II and III to:

If (1) through (3) apply, you can

•

How Is a Qualified Disaster

Report your qualified disaster recovery

generally designate any distribution

assistance distributions,

Recovery Assistance

(including periodic payments and required

•

Report any repayments of qualified

minimum distributions) from an eligible

disaster recovery assistance distributions,

Distribution Taxed?

retirement plan as a qualified disaster

and

Generally, a qualified disaster recovery

•

recovery assistance distribution,

Figure the taxable amount, if any, of

assistance distribution is included in your

regardless of whether the distribution was

your qualified disaster recovery

income in equal amounts over 3 years.

made on account of the severe storms,

assistance distributions.

However, if you elect, you can include the

tornadoes, or flooding in the Midwestern

Note. Distributions from retirement plans

entire distribution in your income in the

disaster areas. Qualified disaster

(other than IRAs) are reported in Part II

year of the distribution. If you received

recovery assistance distributions are

and distributions from IRAs are reported

more than one distribution during the

permitted without regard to your need or

in Part III.

year, you must treat all distributions for

the actual amount of your economic loss.

that year the same way. Any repayments

Part IV

made before you file your return and by

A reduction or offset (on or after the

Use Part IV to:

the due date (including extensions)

•

applicable disaster date) of your account

Report that you received qualified

reduce the amount of the distribution

balance in an eligible retirement plan in

distributions for the purchase or

included in your income.

order to repay a loan can also be

construction of a main home in a

Also, qualified disaster recovery

designated as a qualified disaster

Midwestern disaster area that you repaid,

assistance distributions are not subject to

recovery assistance distribution. See

in whole or in part, before March 4, 2009,

•

the additional 10% tax on early

Report any repayments of qualified

Distribution of plan loan offsets on page

distributions.

distributions (not reported on Form 8606),

and

•

Qualified Disaster

Limit. The total of your qualified disaster

Figure the taxable amount, if any, of

recovery assistance distributions from all

your qualified distributions (not reported

Recovery Assistance

on Form 8606).

plans is limited to $100,000. If you have

Distribution

distributions in excess of $100,000 from

Additional Information

more than one type of plan, such as a

A qualified disaster recovery assistance

401(k) plan and an IRA, you can allocate

See Pub. 4492-B, Information for Affected

distribution is any distribution you

the $100,000 limit among the plans any

Taxpayers in the Midwestern Disaster

received from an eligible retirement plan if

Areas, for more details.

all of the following conditions are met.

way you choose.

Cat. No. 52382T

Instructions For Form 8930 - 2008

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