The IRS has released the updated version of Form 8950, the application for the voluntary correction program (VCP) under the Employee Plans Compliance Resolution System (EPCRS) for 2019 use. It also has updated a form used for reporting qualified distributions made due to disasters that occurred during 2016.
Form 8950
The IRS revised the form in accordance with IRS Revenue Procedure (Rev. Proc.) 2018-52, which it issued on Sept. 28 and which updates and replaces Rev. Proc. 2016-51. The Rev. Proc. 2018-52 says that beginning April 1, 2019, the IRS will no longer accept paper VCP submissions, nor will it process user fees paid with a paper check.
The Form 8950 must be filed using Pay.gov as part of a VCP submission in order to request written approval from the IRS for correction of a qualified plan, 403(b) plan, SEP, SARSEP, or SIMPLE IRA that has failed to comply with the applicable requirements of the IRC.
Form 8915A
The IRS has updated the Form 8915A, Qualified 2016 Disaster Retirement Plan Distributions and Repayments, to be used for 2018 reporting. The form is to be attach to the 2018 Form 1040 or the 2018 Form 1040NR.
The updated Form 8915A includes portions for reporting qualified distributions made from retirement plans other than IRAs for disasters that took place during 2016, as well as qualified distributions made from traditional, SEP, SIMPLE and Roth IRAs for disasters that took place during 2016.
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