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Retirement tax questions
Please be aware, that the taxes you paid in 2020 were only applied to 2020 and won't get spread out. You might have gotten some of the taxes refunded on your 2020 tax return since you only reported 1/3 of the income in 2020. Therefore, you will still have to pay taxes on the part reported for 2021.
As stated above "you might have to withhold some extra taxes from other sources in 2021 and 2022 because you have the added income in those years but no income tax withheld from the distribution for these years because the tax withheld on Form 1099-R only gets credited to 2020."
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March 30, 2022
8:58 AM