We had a death in the family in early 2020. He handled all the financial matters. With his passing, we suffered financially and had to cash-out an IRA. The institute withheld 10% of the IRA, and sent it to the Government. So, when I prepared the 2020 taxes, I knew the CARES Act of 2020 waived the penalty but not the taxes.
On Form 8915-E allows the taxes to be paid over a 3 year period. There is a block to be checked if you wish to pay the taxes now in a lump sum. I elected to spread the taxes over a 3 year period. In preparing the 2021 taxes, I realized I have a major problem. That is, the Institute already withheld 10% and sent it to the Government.
I need your help, because the filing date for 2021 is upon us. I figure that I will have to clean-up my 2020 Return, but I have to get the 2021 taxes filed now. Can you help me out?
Thank you for your expert help.
