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crawdaddiver
New Member

I withdrew money from my 401k under the Cares Act and was under the assumption the extra 10% tax would be waived and any extra tax could be paid over 3 years - True??

 
2 Replies
SweetieJean
Level 15

I withdrew money from my 401k under the Cares Act and was under the assumption the extra 10% tax would be waived and any extra tax could be paid over 3 years - True??

Yes, however, the form for handling this is not yet available in TT.  Please check back on Feb 24.

Liz1515
New Member

I withdrew money from my 401k under the Cares Act and was under the assumption the extra 10% tax would be waived and any extra tax could be paid over 3 years - True??

Once this form is available on Feb 24, are we able to split up the amount claimed per year over the 3 years in how we choose, or will it just be evenly divided by 3? also will you still enter the entire gross distribution in box 1 of the 1099-R or just the amount you are claiming this year?  If we don't claim it all this year, will we get a new 1099-R each year or just the one this year?

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