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Returning Member
posted Jan 30, 2021 3:31:11 PM

Distribution and Reporting SEP IRA

Let's say I have taken out $15,000 out of my SEP IRA in 2020 due to COVID-19 pay cut from my employer and 1099-R says that the distribution is $15000, can I report the income in compartment of $5000 each for the next three years.

 

Given if am not planning any additional IRA withdrawals going forward So more specifically can I report IRA distribution as follows:

Report distribution $5000 in 2020

Report distribution $5000 in 2021 and

Report distribution $5000 in 2022

 

and am planning on re-paying this amount of $15,000 within the next 3 years by 2022

0 2 656
2 Replies
Level 15
Jan 30, 2021 4:53:06 PM

To report this you'll need to wait for the IRS to release Form 8915-E for reporting coronavirus-related distributions and for TurboTax to implement this form.

Returning Member
Jan 30, 2021 5:16:05 PM

Thanks.