I took out $20,000 from my 403B in 2020 to assist with Covid expenses. Last year I had the option of repaying the taxes back over 3 years. Last year, I thought the first payment came off of my tax return, but now I am questioning if I was to pay that back through the estimated quarterly taxes. So, now I should be having my second payment, but do not see that it was factored into my taxes. I want to make sure I am getting this paid back, so there are no surprises next year. Does anyone have any thoughts or information to assist? Thank you.
You will report the second taxable portion of your 2020 coronavirus distribution in the Retirement section under Wages and Income of TurboTax.
However, this section will only be available around March 31, 2022 and you'll need to revisit this section later.
Please see this TurboTax Help topic on IRS forms availability dates.
You will report the second taxable portion of your 2020 coronavirus distribution in the Retirement section under Wages and Income of TurboTax.
However, this section will only be available around March 31, 2022 and you'll need to revisit this section later.
Please see this TurboTax Help topic on IRS forms availability dates.
I do not see that this has been updated yet, Is that correct?
Yes, it has been updated.
Steps to enter the repayment.
You will be guided through the screens.