HAD 401(K) LOAN. LOST JOB IN OCTOBER 2020 DUE TO COVID. RECEIVED 1099-R 2021 (1M). DID NOT FILE 8915 IN 2020 BECAUSE DIDN'T REALIZE HAND'T RECEIVED 1099-R. OPTIONS?

[SSNQ]

ANY OPTIONS AVAILABLE GIVEN THE TIMING?

[RobertB4444]

You need to amend your 2020 return to include the 2020 1099-R so that you can avoid any early withdrawal penalties.  You would also have the option to spread the taxes due on your withdrawal over three years.  

The 1099-R for 2021 just has to be entered into 2021.  But the 8915 will change your 2021 return so you should extend your 2021 return and file the amended 2020 return first.

[dmertz]

If you received a code 1M 2021 Form 1099-R, it's reportable on your 2021 tax return.

Your have until the due date of your 2021 tax return, including extensions, to come up with the money to roll this distribution over to another retirement account like an IRA to be able to continue to defer the taxes and avoid the early distribution penalty that would otherwise apply.

If you anticipate being able to roll over any of this distribution by October 15, 2022, you should request a filing extension by filing Form 4868 today.