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cmaldon
New Member

We took out money from retirement acct in 2020 due to COVID. Fed tax 20% was automatically withheld as shown on our 1099R. Need to report income over next 2-3 yrs?

We already reported 1/3 of income on our 2020 tax return, which may have been mistake since taxes were automatically withheld initially.
1 Reply
ThomasM125
Expert Alumni

We took out money from retirement acct in 2020 due to COVID. Fed tax 20% was automatically withheld as shown on our 1099R. Need to report income over next 2-3 yrs?

You will need to report 1/3 of the income each year but the tax withheld all gets reported in the first year.

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