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New Member
posted Feb 28, 2024 7:25:20 PM

covid disaster repayment

I have repaid my covid distribution but as i am doing my taxes this question came about: Now we need to know if you repaid any of your disaster distribution back in 2023? This does not include repayments you reported on prior years return even if you made the repayments in 2023. I'm not sure how to answer this question. I have repaid all of the money over the three year time frame. I paid 1/3 each year between 2020-2023. Am I supposed to put the amount that I last paid in 2023? This has me very confused any help would be gladly appreciated!

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2 Replies
Employee Tax Expert
Feb 28, 2024 7:48:10 PM

Taxpayers can make payments up until tax day (usually April 15th) of the following year for the previous year.

So in other words, I could have reported a repayment on my Tax Year 2022 return, but actually make the repayment in  April 2023.  

 

So, the program is asking if you made a payment in 2023 that you did not allocate to tax year 2022. 

Level 15
Feb 28, 2024 9:33:06 PM

You can't make a COVID-19 distribution repayment in 2024.

You have to make a repayment no later than three years and one day from the date you took the distribution.

You had to have taken the distribution by Dec 30,2020.