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New Member
posted Apr 3, 2023 4:44:25 AM

I did a 2020 COVID 401k distribution (CARES act). I have until August 2023 to repay it. How do I enter a 2023 repayment?

Turbotax only offers a "did you repay in 2022" option.

0 4 990
4 Replies
Level 15
Apr 3, 2023 5:26:05 AM

if you repaid before filing your 2022 tax return, put the amount on your 2022 tax return.

 

2022 is the last tax year to report a repayment.

@bill76 

Level 15
Apr 3, 2023 5:43:47 AM

 

[This answer is misleading with regard to how a repayment in 2023 would be handled.  Because all of the income would already have been reported in prior years, it would be necessary to amend prior year tax return to obtain a refund of taxes paid.]

2023, not 2022, will be the last tax year to report a possible repayment of a CRD (with the repayment having been made after filing the 2022 tax return).  The deadline for repaying a CRD taken the last possible day for taking a CRD, December 30, 2020, is December 30, 2023.

Level 15
Apr 3, 2023 6:35:40 AM

If you repay in December 2023, don't you have to amend your 2022 tax return?

@dmertz 

Level 15
Apr 3, 2023 12:29:23 PM

Ah, @fanfare , you are right.  All of the tax would already have been paid so amending would be necessary.