Instructions For Form 8930 - 2008 (Page 3 of 5) in pdf

Example. You received a qualified

Column (c)

1, and box 2a, is usually your cost. Enter

disaster recovery assistance distribution

the difference on line 7.

Complete column (c) only if the total on

in the amount of $90,000 on June 15,

If there is no amount in Form 1099-R,

line 4, column (b), is more than $100,000.

2008. You choose to spread the $90,000

box 2a, and the first box in box 2b is

If the amount on line 4, column (b), is

over 3 years ($30,000 in income for 2008,

checked, the issuer of Form 1099-R may

more than $100,000, you will need to

2009, and 2010). On November 19, 2009,

not have had all the facts needed to figure

make an allocation in column (c) of the

you make a repayment of $45,000. For

the taxable amount. You may want to get

distribution(s) included in column (b). This

2009, none of the qualified disaster

Pub. 575, Pension and Annuity Income,

is because the total of your qualified

recovery assistance distribution is

to help figure your taxable amount.

disaster recovery assistance distributions

included in income. The excess

Also, see Pub. 575 if you use the

cannot exceed the $100,000 limit. If you

repayment of $15,000 ($45,000 –

Simplified Method Worksheet to figure the

have distributions from more than one

$30,000) can be carried back to 2008 or

taxable amount of your periodic payments

type of retirement plan, such as an IRA

you can choose to carry it forward to

and you designated some of these

and a pension plan, you can allocate the

2010.

payments as qualified disaster recovery

$100,000 limit among the plans any way

assistance distributions.

you choose.

File Form 1040X, Amended U.S.

Individual Income Tax Return, to amend a

Example 1. You received a

If you have a Form 1099-R with

return you have already filed. Generally,

distribution from your Roth IRA in the

both qualified disaster recovery

Form 1040X must be filed within 3 years

amount of $130,000 on September 1,

assistance distributions and

CAUTION

after the date the original return was filed,

2008, because of the severe storms in the

non-qualified distributions, you must

or within 2 years after the date the tax

Midwestern disaster areas. You would

separately calculate the cost attributable

was paid, whichever is later.

enter $130,000 on line 3, columns (a) and

to each distribution.

(b). You would then enter $100,000 on

Line 9

line 3, column (c), since the distribution is

in excess of the $100,000 limit.

If you do not check the box on line 9, you

Specific Instructions

must spread the amount on line 8 over 3

Example 2. Assume the same facts

years. If you use this method to figure the

as in Example 1, except on October 14,

Name and social security number

taxable amount of your distributions, you

2008, you also received a distribution

(SSN). If you file a joint return, enter only

cannot change it after the due date

from your 401(k) plan in the amount of

the name and SSN of the spouse whose

(including extensions) for your tax return.

$20,000 because of the severe storms in

information is being reported on Form

the Midwestern disaster areas. You would

8930. If both you and your spouse are

If the taxpayer died during 2008 after

enter $20,000 on line 1, columns (a) and

required to file Form 8930, file a separate

receiving a qualified disaster recovery

(b). You will now need to make an

Form 8930 for each of you. If you and

assistance distribution, the distribution

allocation in column (c) between the two

your spouse are both filing Forms 8930,

cannot be spread over 3 years. The entire

distributions, since the total on line 4,

the $100,000 limit on qualified disaster

distribution must be reported on the tax

column (b), is $150,000. You can choose

recovery assistance distributions and the

return of the deceased taxpayer.

to make the allocation in any way, as long

election to include all qualified disaster

Line 10

as the total in column (c) does not exceed

recovery assistance distributions in

At any time during the 3-year period after

$100,000. You choose to allocate

income are determined separately for

$80,000 to your Roth IRA distribution on

the date you received a qualified disaster

each spouse.

line 3, column (c), and the entire $20,000

recovery assistance distribution, you can

repay any portion of the distribution to an

to your 401(k) plan distribution on line 1,

Part I—Total Distributions

column (c).

eligible retirement plan that is permitted to

From All Retirement Plans

accept rollover contributions. You cannot,

Line 5

however, repay more than the amount of

(Including IRAs)

If line 5 includes an amount distributed for

the original distribution. See Repayment

the purchase or construction of a main

of a Qualified Disaster Recovery

Column (a)

home in the Midwestern disaster areas,

Assistance Distribution on page 2 for

but you did not purchase or construct that

If you received a distribution from a

details.

home because of the severe storms,

retirement plan (including an IRA), you

Enter on line 10 the amount of any

tornadoes, or flooding, you may have to

should receive a Form 1099-R. The

repayments you made before filing your

enter this amount on line 21. See Part

amount of the distribution should be

2008 return. Do not include any

IV — Qualified Distributions for the

shown in Form 1099-R, box 1. Enter the

repayments made later than the due date

Purchase or Construction of a Main Home

amounts from all your Forms 1099-R, box

(including extensions) for that return. If

in a Midwestern Disaster Area on page 4.

1, on the appropriate lines in column (a).

you repaid more than the amount on line

See the instructions for your tax return

9, the excess will be carried forward to

Column (b)

for reporting all other distributions

your 2009 tax return. Repayments made

Enter on the appropriate lines in column

included on line 5.

after the due date of your 2008 return

(b) any qualified disaster recovery

(including extensions) generally will be

Part II—Qualified Disaster

assistance distributions (including

reported on your 2009 tax return.

periodic payments and required minimum

However, you may have to file an

Recovery Assistance

distributions) you received in 2008 on or

amended return in certain situations. See

Distributions From

after the applicable disaster date.

Amending Form 8930 that begins on

page 2.

Retirement Plans (other

Include only those distributions you

Example. You received a $90,000

wish to designate as qualified disaster

than IRAs)

qualified disaster recovery assistance

recovery assistance distributions. See

distribution on June 9, 2008, from your

Complete Part II if you have an amount

Qualified Disaster Recovery Assistance

401(k) plan because of the severe storms

entered on line 1, column (b).

Distribution that begins on page 1.

in the Midwestern disaster areas. On April

Line 7

Also include in column (b), if you

1, 2009, you repay $30,000 to an IRA.

choose, any qualified distribution that is

Enter on line 7 your cost, if any. Your cost

You file your return on April 10, 2009.

eligible to be designated as a qualified

is generally your net investment in the

Since the repayment was made before

disaster recovery assistance distribution

plan. It does not include pre-tax

you filed your return, and not later than

(see Repayment of a Qualified

contributions. If there is an amount in

the due date (including extensions), you

Distribution for the Purchase or

Form 1099-R, box 2a (taxable amount),

would enter the $30,000 repayment on

Construction of a Main Home on page 2).

the difference between Form 1099-R, box

line 10.

-3-

Instructions For Form 8930 - 2008 Page 3

Related Articles

Related forms

Related Categories