DanaB27
Expert Alumni

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:

 

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left

 

 

Please follow these steps to report the 3rd portion of the COVID distribution or any repayment:

 

  1. Login to your TurboTax Account 
  2. Click on the "Search" on the top and type “1099-R”  
  3. Click on “Jump to 1099-R” 
  4. 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)
  5. Answer "Yes" to the "Have you ever taken a disaster distribution before 2022?" screen
  6. Answer "Yes" to "Did you take a 2020 Qualified Disaster Distribution?"
  7. 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.
  8. 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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