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MarioCrescenzo
Returning Member

Can I claim more than 1/3 for COVID 401K Withdrawal?

I want to claim more than the 1/3 for the COVID 401K withdrawal and Turbo Tax is giving me two options, either claim 1/3 or all of it.  Is there an override that would allow mr to claim more than the 1/3?

2 Replies
DoninGA
Level 15

Can I claim more than 1/3 for COVID 401K Withdrawal?

No.  You either claim the entire withdrawal in 2020 or spread the distribution evenly over 3 years.

macuser_22
Level 15

Can I claim more than 1/3 for COVID 401K Withdrawal?

You enter the amount repaid in 2020 (including repayments up to the filing date or extended filling date)  when it asks how much was repaid.    That can be more then 1/3 of the total.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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