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Level 2
posted Feb 4, 2022 8:39:44 AM

I took a disaster distribution in 2020 and reported the full amount on my 2020 tax return. Do I need to report anything on my 2021 tax return?

Since the 2021 forms aren't available yet, I wanted to verify if I can go ahead and file since I've already reported the full amount of the disbursement in 2020. Thanks!

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1 Best answer
Level 15
Feb 4, 2022 9:22:50 AM

Divide by 3.0 moves some of your tax into future years.

Since you did not do that, go ahead and file your 2021 tax return if it is ready to go.

 

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.

 

2 Replies
Level 15
Feb 4, 2022 9:22:50 AM

Divide by 3.0 moves some of your tax into future years.

Since you did not do that, go ahead and file your 2021 tax return if it is ready to go.

 

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.

 

Level 2
Feb 4, 2022 9:37:53 AM

Thank you! I thought that was the case, but wanted to make sure I was thinking correctly.