Repaid all of 2020 CARES Act amount to 401k in 2021. How to amend my 2020 return?

[orion123]

I took a coronavirus-related distribution (CRD) from my 401(k) in 2020. I spread the distribution ratably over 3 years, as allowed, so only 1/3 of the amount was included in income on my 2020 return. Now, in 2021, after I filed my 2020 taxes, I'm going to repay the entire amount to my 401(k). 

IRS Notice 2020-50 (Section 4.F) shows I can amend my 2020 return to remove that additional income (1/3 of the CRD), but I'm not sure exactly what change I should make in the amended return. My assumption is the amendment would simply be to say that I repaid the entire amount of the CRD to the retirement account it came from, even though technically I did that in 2021 not 2020. Is that correct?

I really want to avoid having to remove the 1/3 of the CRD distribution income from each of 2020, 2021, 2022. And want to just clear out 2020 and have 2021/2022 be as if the CRD never happened. I can amend 2020 to say I repay the CRD in full, right?

[macuser_22]

When you amend, edit the 1099-R COVID related questions to show that it was all paid back.

You should *wait* until your return has been processed and you receive your refund or conformation that any tax due has been paid. (If you file an amended return while you first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time). In addition, if the IRS makes any change on your original return, you might end up having to amend the amendment – a sticky process that can take a year or more).

-- Then you can start the amend process.

It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it. That is the only proof of mailing that the IRS will accept.

-- Amended returns can be mailed or e-filed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.


See this TurboTax FAQ for help with amending:

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

You can check the status of your amended return here but allow 3 weeks after filing for it to show up:
https://www.irs.gov/filing/wheres-my-amended-return