How is the IRS tracking repayments of CARES ACT distributions?

Forum|Forum|4 years ago
February 1, 2022
2 replies
7 views

I am assuming the retire/broker companies will give a form? I am little perplexed on how are they tracking these payments? Thanks in advance!

ProSeries Professional

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Best answer by rbynaker

I'm guessing they're just relying on self-reporting on the 8915 forms. They will get tidbits of info from the 5498 forms for IRAs but likely not enough to put the whole puzzle together.

Just-Lisa-Now-

Intuit Community Champion

Form 8915F, but IRS hasnt finalized it yet and Intuit doesnt have a draft in the program yet.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

rbynakerAnswer

Level 13

I'm guessing they're just relying on self-reporting on the 8915 forms. They will get tidbits of info from the 5498 forms for IRAs but likely not enough to put the whole puzzle together.

1

1040shredderAuthor

Level 3

I was thinking to request their (clients) last paystub, that should also state the amount of repayment. If we are just relying on self reporting. Will be also looking to see form 5498.

dd4vols

Intuit Community Champion

I was thinking to request their (clients) last paystub, that should also state the amount of repayment.

Huh???? What if they paid it back with cash from the hidden vault behind grandma's picture? And you must live in a different world than my clients...Ain't none of mine paying it back...just spreading the tax hit over 3 years...

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