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Get your taxes done using TurboTax
If you do not choose to include all of the income on your 2020 tax return, it's included 1/3 on your 2020 tax return, 1/3 on your 2021 tax return and 1/3 on your 2022 tax return.
If you repay any amount before the due date of your 2020 tax return, that first reduces the amount of income includible on your 2020 tax return. For example, if you receive a CRD of $90,000 that would be all taxable, a repayment of $30,000 before the due date of your 2020 tax return eliminates the $30,000 of income from your 2020 tax return but you'll still have $30,000 of this income on your 2021 tax return and $30,000 on your 2022 tax return.
March 2, 2021
5:03 AM