@tomsyfert wrote:
I took out 30K from 401K for Qualified Covid Relief. Instead of paying 1/3 or 10K for each of the 3 years.. Can I pay 20K, 5K, and 5K.
That will get me closer to zero payments for this year
Yes, If you pay back $10,000 or more for 2020 there will be no 2020 tax. The remainder will be split between 2021 and 2022.
If you pay back $30,000 for 2020 that will leave $10,000 to be split between 2021 and 2022.
**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.**
