topic Distribution and Reporting SEP IRA in Retirement tax questions

Distribution and Reporting SEP IRA

vimal_mathimaran — Sat, 30 Jan 2021 23:31:11 GMT

Let's say I have taken out $15,000 out of my SEP IRA in 2020 due to COVID-19 pay cut from my employer and 1099-R says that the distribution is $15000, can I report the income in compartment of $5000 each for the next three years.

Given if am not planning any additional IRA withdrawals going forward So more specifically can I report IRA distribution as follows:

Report distribution $5000 in 2020

Report distribution $5000 in 2021 and

Report distribution $5000 in 2022

and am planning on re-paying this amount of $15,000 within the next 3 years by 2022

Re: Distribution and Reporting SEP IRA

dmertz — Sun, 31 Jan 2021 00:53:06 GMT

To report this you'll need to wait for the IRS to release Form 8915-E for reporting coronavirus-related distributions and for TurboTax to implement this form.

Re: Distribution and Reporting SEP IRA

vimal_mathimaran — Sun, 31 Jan 2021 01:16:05 GMT

Thanks.