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I took a 60,000 withdrawal under the cares act in December of 2020 and haven't paid any money back how do I file this on my taxes

 
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3 Replies
DavidD66
Expert Alumni

I took a 60,000 withdrawal under the cares act in December of 2020 and haven't paid any money back how do I file this on my taxes

f you took a Coronavirus-related distribution from a retirement plan in 2020, you would have to have reported this on your 2020 tax return using Form 8915-E Qualified 2020 Disaster Retirement Plan Distributions and
Repayments.  This was required to claim the special tax benefits (spreading the income taxes over three years and no 10% early withdrawal penalty) for any qualified CARES Act Distribution.  Your distribution would have been reported on a Form 1099-R, which you should have reported on your 2020 tax return.  If you reported the distribution on your tax return, filed Form 8915-E, and elected to have the tax spread over three years, then you would file Form 8915-F in both 2021 and 2022 to report that year's portion of the tax.  If you did not include Form 8915-E with your 2020 tax return, you will need to file an amended return. 

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I took a 60,000 withdrawal under the cares act in December of 2020 and haven't paid any money back how do I file this on my taxes

were you affected by COVID-19 in 2020?

 

if NO, you don't use Form 8915-E.

@neffanator 

I took a 60,000 withdrawal under the cares act in December of 2020 and haven't paid any money back how do I file this on my taxes

If you already divided by 3.0

The 2022 Form 8915-F is not yet available in TurboTax.

you'll have to wait for it.

 

@neffanator 

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