I want to claim more than the 1/3 for the COVID 401K withdrawal and Turbo Tax is giving me two options, either claim 1/3 or all of it. Is there an override that would allow mr to claim more than the 1/3?
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No. You either claim the entire withdrawal in 2020 or spread the distribution evenly over 3 years.
You enter the amount repaid in 2020 (including repayments up to the filing date or extended filling date) when it asks how much was repaid. That can be more then 1/3 of the total.
how do i claim 1/3 of distribution from 2020 on this years taxes
To report the 2021 CARES Act retirement plan distribution for 2020 that gave you 3 years to repay it back, follow these steps:
With your federal return open:
You'll need to revisit this area
Unfortunately, IRS instructions related to repayments of disaster distributions weren't ready in time for us to include them in this release. Please revisit this area later.
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