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kibigsby
New Member

There is no place under deductions and credits to indicate that your early IRA withdrawal was for covid related circumstances. Where can I indicate this?

 
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4 Replies
rjs
Level 15
Level 15

There is no place under deductions and credits to indicate that your early IRA withdrawal was for covid related circumstances. Where can I indicate this?

The tax return that you are preparing now is for 2019. You could not have made a Covid-19-related IRA withdrawal in 2019. The special provisions for IRA withdrawals for Covid-19 apply only to withdrawals made in 2020. If you made an early IRA withdrawal in 2020 because of circumstances related to Covid-19, you will indicate that on your 2020 tax return, that you file in 2021.

 

There is no place under deductions and credits to indicate that your early IRA withdrawal was for covid related circumstances. Where can I indicate this?

What are the rules for 2020 Covid-19 withdrawal?

Or where can I find them.

There is no place under deductions and credits to indicate that your early IRA withdrawal was for covid related circumstances. Where can I indicate this?


@Jack421 wrote:

What are the rules for 2020 Covid-19 withdrawal?

Or where can I find them.


Go to this IRS website for information for taxpayers affected by COVID-19 who take distributions or loans from retirement plans in 2020 - https://www.irs.gov/newsroom/relief-for-taxpayers-affected-by-covid-19-who-take-distributions-or-loa...

There is no place under deductions and credits to indicate that your early IRA withdrawal was for covid related circumstances. Where can I indicate this?

Thank you for the link.

I had gone to IRS site and had looked several days ago, but guess I did not look hard enough.

Thanks again!

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