The IRS has released Form 8915-E and 8915-F for the reporting of CARES Act distribution(s) that were taken in 2020, their repayment, or their inclusion in income.
If you took a CARES Act distribution in 2020, note which form(s) would apply to you:
Form 8915-E is used to report:
- If you took a CARES Act distribution in 2020
Form 8915-F is used to report:
- Your income in 2021 if you took a CARES Act distribution in 2020 and have been including in your income in equal amounts over 3 years and that 3-year period has not yet lapsed
- Your repayments of a CARES Act distribution, if repaying the distribution
Note that repayment of the CARES Act distribution can be done over 3 years, starting with the day after the distribution was received. Repayment(s) can occur through multiple payments or one lump sum payment by the end of those 3 years. If the entire CARES Act distribution is paid back within that time, the distribution will not be taxed.
You will want to request your CPA’s assistance in completing the appropriate form for your situation.
More information on these two forms can also be found at: