@smbosworth wrote:
I figured out the $13,331. It is the $15,000 I paid back, less the $1,669 that was the non taxable part of the withdrawal (box 5 on the 1099). It still is not right - but I get the number now, at least. But that is not what should be on Line 5b, right? It should be box 2 on the 1099 less the $15,000. Am I missing something?
If I am not mis-understanding, you paid back $15,000 of the $22,723 distribution and want to pay the remainder in future years.
If that is correct then you paid back more then 1/3 so the 2020 line 5b taxable amount would be zero since what was paid back is not taxable.
Paying the tax now on future payments is not permitted so the tax withheld is applied to all other 2020 withholding and will add to your refund.
(You can use that money to make estimated tax payments for 2021 of necessary.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
