Retirement tax questions


@Snpdg wrote:

Thanks Critter-3, i did pay the full amount, including covering what they withheld.  So i have to wait until filing 2020 to get it back?  


Since the tax was paid in 2020, its reported on the 2020 tax return.  However, you may be able to adjust your withholding or other tax payments to get it back before you file.

 

For example, if you paid $1000 in estimated taxes, and you are paid bi-weekly, you have about 12 pay checks left in 2020, so you could arrange to have $83 less withheld per paycheck for the rest of the year.  That way you get the $1000 up front (more or less) instead of waiting until you file your return.

 

Just don't forget to put your withholding back to normal on 1/1/21.