Covid-19 401K withdrawl

6 replies
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If I took out 100,000 for example and want to split that over three years how do I do this? Would the gross distribution be 100,000 and the taxable amount be 33,333? Or would the gross and taxable amount be 33,333.

DoninGA

Level 15

The distribution would be $100,000 and the taxable amount would be $33,333.

But that is calculated by the TurboTax software. You enter the Form 1099-R that you received exactly as received and then answer the follow-up question concerning a Covid-19 withdrawal.

dbadmaAuthor

Level 2

So it seems, they would do this if only I do not check the box Pay tax on entire retirement distribution in 2020?

DoninGA

Level 15

@dbadma wrote:

So it seems, they would do this if only I do not check the box Pay tax on entire retirement distribution in 2020?

That is correct.

macuser_22

Alumni - Champ

@dbadma wrote:

If I took out 100,000 for example and want to split that over three years how do I do this? Would the gross distribution be 100,000 and the taxable amount be 33,333? Or would the gross and taxable amount be 33,333.

"If" - did you? Do you have a 1099-R for a 2020 distribution? Was it because of COVID?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**