@sbtopping19 wrote:
I chose to repay my Cares act withdrawl (taken 11/7/20) starting in early 2021 which I reported on my 2020 tax return. What is unclear is whether my final paymnet is due with my 2022 tax return filing or whether I can submit my rollover to occur 11/1/23? I have heard final payment is actually due 3 years and 1 day after taking the withdrawl. I have not claimed any of the amount as income over as I intend to pay the entire amount back so no need to ammend prior returns. Just looking for clarity on when final payment is actually due. Thans!
Tax laws are very specific as to dates. For example, you must hold assets "more than 1 year" to be treated as long term capital gains. More than one year is not the same as exactly one year. Or, the new changes to the energy credits are effective "after 12/31/22" -- which basically means "on or after 1/1/23", but it's a shorter more specific way to say it.
If the CARES act says, within 3 years, that would be "exactly" 3 years or less. So your last eligible date for a repayment to count would be 11/7/23. And, because it may take the bank or broker a few days to process things, you should start a few days early. If you ask for the deposit to be made 11/7/23 but it doesn't happen until 11/8 because of processing time, it won't count.
