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?
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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.
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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