Do I need to put my 401k withdrawal on my tax return? I withdrew under the cares act and never received a physical form in the mail for it.

[ThomasM125]

You need a form 1099-R to report your pension distributions on your tax return. You should contact your plan administrator to request the form.

[Dougy666]

I received an email from fidelity but I thought I was paying back the amount or taxes over the next three years, I had taxes with held too. My taxes got accepted by the irs today, so do I need to amend now or what?

[ColeenD3]

Yes. You have to report it even if you are going to pay it back. 

At this point and time the Form 8915-E (Qualified 2020 Disaster Retirement

Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)) is not finalized. We currently do not have an estimated date when the form is ready.

Please sign-up here and we will email you once the form is live.

Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.

You qualify if:

• You, your spouse, or your dependent are diagnosed with COVID-19
• You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off
• You had work hours reduced to COVID-19
• You’re unable to work due to child care closure or hour reduction

The distribution would be taxed over 2020, 2021, and 2022. You’ll have that time to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions, and if you pay back the amount within that time, you’ll be able to claim a refund on those taxes.

The 1099 R will be entered in the Retirement Plans and Social Security section.
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Retirement Plans and Social Security
• Select IRA, 401(k), Pension Plan Withdrawals (1099-R)

[Dougy666]

Okay well my taxes have already been accepted by the irs as of today so what do I do now? It won’t let me amend my 2020 return.

[AmyC]

Once your return is accepted and the finances are settled, you can file an amended return. 

• Save a copy of the original return before doing an amended return. See: 
  • how to file an amended return.
  • I need to amend my state return.
  • Can I e-file my amended state return?
  • Can I e-file my 1040X to amend my return?
• Pay additional tax. Taxpayers who will owe more tax should file Form 1040-X and pay the tax as soon as possible to avoid penalties and interest. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account for free.
• Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return?  Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.

@Dougy666

[Dougy666]

It looks like the amend date got pushed back another month, what happens if I receive my return before then?

[DawnC · Accepted solution]

You should not do the amendment until your tax return is fully processed and you receive your refund.   Don't spend it all though, because you will probably have to pay a 1/3 of the ordinary tax from the 401K withdrawal when you file the amendment.   The 1040X won't be ready until late next month anyway.  If you pay back the amount you withdrew within the 3 year period, you will be refunded the taxes.   But not until it has been fully repaid.   

Oh, and this year, you will be able to e-file the 1040X, so that should make it easy peasy!  

[Dougy666]

Thank you this made all my worries disappear!!!