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CARES Act Reporting 2023
Today I realized, while preparing this year's tax return, that I may have made an error on my 2021 and 2022 taxes. In 2020 took a 401K CARES Act distribution for $5500 and withheld 10% for taxes. Reported the $5500 distribution in 2020 and 1/3 off it as taxable that year, but failed to report the remainder over the next two years. Not sure if need to make any corrections since I haven't heard anything from the IRS regarding the situation. Never repaid the distribution to my retirement either as i never intended to. Not sure where that puts me for 2023 filing. Guessing i need to amend those two years?
Also, no clue what was even done with that 10% withheld
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‎February 2, 2024
9:54 AM