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Level 2
February 5, 2024
Question

Covid Related Distribution Question

  • February 5, 2024
  • 1 reply
  • 0 views

I took out $100k in 2020 from my 401k using the CARES Act Covid 19 Distribution and I opted to report it over 3 years.  For tax years 2020, 2021, and 2022, I claimed $33,333 each year on my taxes. I just realized that I should have reported $33,334 on one of those years so the whole amount equaled $100k.  Do I need to make an amendment?

1 reply

Level 15
February 6, 2024

No, the $1 error is insignificant so no need to amend your tax return.

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