@smbosworth wrote:
Any help would be appreciated. I withdrew $22,723.14 from our 401K. They withheld $2,272.31 for federal tax and $1,817.85 in state tax. I then paid back $15,000 during the year.
When I enter the 1099, Line 5 b calculates to $13,331 when I DON'T check the box to spread over 3 years and calculates tax based on that. Shouldn't 5 b be $7,723 and the tax based on that? I don't know where the $13,331 is coming from.
If I check the box for 3 years, then line 5b is zero and i get a substantial refund.
What am I missing??
Appreciate any insight.
Have no idea where that 13,331 came from. If you spread the amount over 3 years 5b should be 0. If you elect to pay the taxes in 2020 the amount on 5b should be 7,723
Delete the Form 1099-R and re-enter manually.
