topic Amend 2020 tax return. How long do I have to file Amendments? in After you file

Amend 2020 tax return. How long do I have to file Amendments?

Mpedler — Fri, 02 Apr 2021 15:53:56 GMT

Hello I forgot to add some 401k money I borrowed to help us thru the pandemic

I need to add this income to my 2020 return. I read somewhere that I may have up to 2-3 years to claim or amend . I really don't have the income to pay this tax and could use some time to accrue it

How do I amend my return for someone not very good with computers. Can you look to see what service I bought and maybe you can chat me thru it?

Thank you and I await your contact Marty

Re: Amend 2020 tax return. How long do I have to file Amendments?

DoninGA — Fri, 02 Apr 2021 15:57:23 GMT

If you received a loan from the 401(k) then you do not report this loan on a tax return.

Unless you defaulted on the loan or left the company without paying the balance of the loan then you would have received a Form 1099-R for the distribution. Then you Do have to report the distribution on your tax return.

Re: Amend 2020 tax return. How long do I have to file Amendments?

VolvoGirl — Fri, 02 Apr 2021 15:59:36 GMT

Or was it really considered a Distribution? Did you get a 1099R for it? You only report Distributions not loans.

Re: Amend 2020 tax return. How long do I have to file Amendments?

Mpedler — Fri, 02 Apr 2021 16:00:23 GMT

Yes I did receive a 1099-R and will need to pay tax on it or should have reported but forgot

My return was excepted and now need to amend

Do I have some time to amend? or does this have to be done by April 15 2021

Re: Amend 2020 tax return. How long do I have to file Amendments?

CatinaT1 — Fri, 02 Apr 2021 16:05:55 GMT

You can amend anytime, however any balance due and not paid by May 17th will begin accruing interest. You have 3 years from the filing due date to file claim for a refund.