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posted Nov 18, 2022 1:35:39 PM

I'm working on my 2020 & 2021 taxes. I did a 401K withdrawal for the COVID relief & forgot to put my 2020 taxes. Can I put it on my 2021 taxes?

My 2020 and 2021 taxes have not been submitted yet. Should I redo my 2020 taxes and include the 1099R or can I put it on my 2021 taxes since the income can be spread out across 3 years?

0 3 346
3 Replies
Level 15
Nov 18, 2022 1:42:54 PM

You can only do that on the 2020 tax return to spread the withdrawal from the 401(k) over three years due to Covid.

Level 15
Nov 18, 2022 5:35:15 PM

you can't report a 2020 1099-R on 2021 tax return.

You must report a 2020 1099-R on 2020 tax return.

To divide by 3.0 is optional.

For most simplicity check the box to opt out of dividing by 3.0.

 

@earl_walker2003- 

Level 15
Nov 19, 2022 7:58:20 AM

It's odd that the IRS has not sent you a letter billing you for a tax deficiency for underreporting the 2020 401(k) income.

 

fanfare's suggestion for opt out of splitting the income over 3 years would result in a higher late-payment penalty than would choosing on 2020 Form 8915-E to split the income evenly over 3 years.