@rpatel133 wrote:
So just to confirm if I pay back 1/3 of my withdrawal before April 15, 2021, I don’t have to pay any taxes for 2020? I think that will be easier than amending in the future to get my tax I paid for the 3 years.
No. If you paid back 1/3 before Dec 31, 2020 that would offset the 2020 tax. If nothing was paid back in 2020 then 1/3 will be taxable in 2020.
The due date is irrelevant for the CARES act.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
