How is the IRS tracking repayments of CARES ACT distributions?

[1040shredder]

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! 

[Just-Lisa-Now-]

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

[rbynaker · Accepted solution]

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.

[1040shredder]

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]

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...

[1040shredder]

LOL... this scenario is for only one of my clients which her repayments is being deducted from her pay in this case. Believe me I am shock that she is paying it back.  I have clients who have also spread it throughout 3 years. I just happened to have one that is paying back.  

Thanks for the Tip.