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In: Accounting

which form is used to report qualified disaster distributions or repayments

which form is used to report qualified disaster distributions or repayments

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Expert Solution

The IRS has prescribed certain forms for reporting eligibility for favorable tax treatment in case a person is a victim of any disaster and has received certain payments during that particular period. The forms are as under:

1. Form 8915-A - is filed if a person has been adversely affected by a qualified disaster occurring in 2016 and has received a distribution/ repayment during the period that is eligible for favorable tax treatment as per the laws and regulations prescribed by the IRS.

2. Form 8915-B - is filed if a person has been adversely affected by a qualified disaster occurring in 2017 and has received a distribution/ repayment during the period that is eligible for favorable tax treatment as per the laws and regulations prescribed by the IRS.

3. Form 8915-C - is filed if a person has been adversely affected by a qualified disaster occurring in 2018 and has received a distribution/ repayment during the period that is eligible for favorable tax treatment as per the laws and regulations prescribed by the IRS.

4. Form 8915-D - is filed if a person has been adversely affected by a qualified disaster occurring in 2019 and has received a distribution/ repayment during the period that is eligible for favorable tax treatment as per the laws and regulations prescribed by the IRS.

5. Form 8915-E - is filed if a person has been adversely affected by the coronavirus disaster occurring in 2020 and has received a distribution/ repayment during the period that is eligible for favorable tax treatment as per the laws and regulations prescribed by the IRS.

ekkarill92 answered 1 year ago
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