I withdrew money from my 401k under the Cares Act and was under the assumption the extra 10% tax would be waived and any extra tax could be paid over 3 years - True??

 

Retirement tax questions

Yes, however, the form for handling this is not yet available in TT.  Please check back on Feb 24.

Liz1515
New Member

Retirement tax questions

Once this form is available on Feb 24, are we able to split up the amount claimed per year over the 3 years in how we choose, or will it just be evenly divided by 3? also will you still enter the entire gross distribution in box 1 of the 1099-R or just the amount you are claiming this year?  If we don't claim it all this year, will we get a new 1099-R each year or just the one this year?