401k Covid Relief Withdrawal

Forum|Forum|4 years ago
April 11, 2022
1 reply
0 views

I am using the desktop software. I followed the instruction but it looks like it is doubling the amount reported as income. What am I doing wrong????

DanaB27

Level 15

To clarify, line 5 b on Form 1040 shows more than the $10,000 (assuming you didn't have any other 401k distributions)?

Please leave the 2020 Form 8915E, line 4, column b line blank.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

tamijo22Author

Level 2

@DanaB27 yes, line 5b show 20k instead of 10k.

I do have the 2020 Form 8915E, line 4 blank.

Under the Qualified 2020 Disaster Distribution from Retirement Plans (Other than IRAs)

when I enter 10k in the first field, it says I owe month (because it is putting 20k on my 1040). if I leave this field blank and enter 10k in the 2020, Form 8915E, line 9 at the bottom, it says I don't owe any taxes and I would receive a large refund.

DanaB27

Level 15

You are entering the amount from Form 8915-E, line 9 twice (this amount should be 1/3 of your 2020 COVID distribution) and it doubles the amount on Form 1040 line 5b? That is strange.

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue. You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions for TurboTax Download:

On your menu bar at the very top, click "Online"
Select "Send Tax File to Agent"
Click "Send"
The pop-up will have a token number
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

@tamijo22

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"