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Get your taxes done using TurboTax
Please be aware, the maximum repayment that can be allocated to the 2022 tax return will be 1/3 of the distribution ($10K). If you paid back more this would have to be carried back to 2020 and 2021. Therefore, if you enter a bigger repayment amount it will not affect your refund.
Please check Form 1040 line 4b (if it was from an IRA) or 5b (if it was a non-IRA), the $10k (1/3 of the distribution) should not be included since you paid it back.
To preview Form 1040:
- Click on "Tax Tools" in the left menu
- Click "Tools"
- Click "View Tax Summary" in the Tool Center window
- Click on "Preview my 1040" on the left
Please follow these steps to report the 3rd portion of the COVID distribution or any repayment:
- Login to your TurboTax Account
- Click on the "Search" on the top and type “1099-R”
- Click on “Jump to 1099-R”
- If you do not have any 2022 1099-R answer "No" to "Did you get a 1099-R in 2022?" (If you have any other 1099-R then enter all 1099-R and after entering your last 1099-R click "Continue" on the “Review your 1099-R info” screen)
- Answer "Yes" to the "Have you ever taken a disaster distribution before 2022?" screen
- Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
- Check the box next to "If this was a Coronavirus-related distribution reported in 2020 check here", enter your information from your 2021 Form 9815-F, and then continue.
- Enter the repayment (up the 1/3 of the distribution, any excess repayment will have to be carried back to 2020 and 2021) on the "Did you repay any 2020 Qualified Disaster Distribution in 2022?" screen
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April 14, 2023
6:11 AM