topic CARES Act Reporting 2023 in After you file

CARES Act Reporting 2023

Happyhylian — Wed, 11 Feb 2026 04:43:11 GMT

Today I realized, while preparing this year's tax return, that I may have made an error on my 2021 and 2022 taxes. In 2020 took a 401K CARES Act distribution for $5500 and withheld 10% for taxes. Reported the $5500 distribution in 2020 and 1/3 off it as taxable that year, but failed to report the remainder over the next two years. Not sure if need to make any corrections since I haven't heard anything from the IRS regarding the situation. Never repaid the distribution to my retirement either as i never intended to. Not sure where that puts me for 2023 filing. Guessing i need to amend those two years?

Also, no clue what was even done with that 10% withheld

Re: CARES Act Reporting 2023

fanfare — Sat, 03 Feb 2024 03:22:44 GMT

start with 2021 and amend it.

then amend 2022. If you e-Filed, you should be able to e-File that amendment.

2023 tax return is unaffected.

@Happyhylian

Re: CARES Act Reporting 2023

Happyhylian — Sat, 03 Feb 2024 03:28:20 GMT

Thank you for the insight!

Curious how I would report it tho. Would I list the same $5500 as a withdrawal still for both years and then list the $1833 taxable each year? @fanfare happen to know?

Re: CARES Act Reporting 2023

fanfare — Sat, 03 Feb 2024 05:27:26 GMT

The withholding goes on your 2020 return.

If you left that off, you have to amend that return also.

Your window to amend 2020 return closes on this coming Tax Day, 2024

@Happyhylian