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Get your taxes done using TurboTax
@igould wrote:
Agree the amount I'm paying back is not taxable, so nothing should show for the 45% I'm returning. But the 55% that I will not return, I want to pay taxes over 3 years. But the program (or my inputs) are not calculating any tax.
That is correct. If you want to spread the tax over 3 years then there is no tax for 2020 because you already returned at least 1/3 of the distribution and that is not taxable.
**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.**
March 1, 2021
3:47 PM