Quick follow up...
We took a couple early distributions. We lost recurring income due to covid, so we took the early distributions to pay down recurring debt to compensate for the lost wages. (overall, our income looks higher, but it was all to manage debt since we couldn't predict the future) While I specifically noted covid on the distribution applications (haven't received the 1099-Rs yet), the payment stubs list the entire amount as "taxable". BUT the cares act says I can report the distributions ratably over the next 3 years, so does that mean a 15K distribution has a taxable income of 5K for the next 3 years (and I still report the entire amount I had deducted for taxes this year?)? What if the 1099-R I get doesn't say that? Can I get the company to correct that or will the IRS (haha) just be understanding about that for 2020 since this is a once-in-100-year thing?
