- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Ok ... if you make all the repayment in 2022 then :
On the 2022 return you will mention none of this.
On the 2021 return ... you must amend it to remove the 1/3 payment (if you have not filed it yet).
On the 2020 return ... you must amend it to indicate the entire amount was repaid.
You will see a difference on the 2020 & 2021 returns if you do this correctly on the 1040X.
Look at the form 1040X …
Column A should have the figures from the original return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.
If you completed it correctly you will see an entry on either line 16 OR 18:
On line 16 should be the amount you paid with your original return. If you paid nothing already then this line should be zero.
On line 18 should be the amount of your original refund you received. If you have not received your refund yet then you need to wait for it. If the refund changes from what you expected then this line must reflect that change.
Then you will see your extra refund on line 22 OR the new balance due you need to pay on line 20.