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Questions about Corona Virus Distribution and Taxes

Hello, everyone-

 

I withdrew around $15,000 from my 403B in 2020 due to some financial difficulties during COVID. I am a bit perplexed as I try to file my taxes for 2023. I split up the reporting of the income over the three years, which was an option, so a bit over $5,000 was reported as income that was withdrawn from a retirement account. 

 

Now, as I try to file, it asking "Did you receive coronavirus-related distributions in 2020 and report them on Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments?" I did, but I have reported 1/3 of it for the three years. Do I just ignore this section where it asks this? If I hit yes, it asks how much I reported on my taxes which then shows up again on my 2023 taxes as additional income, which is clearly inaccurate.

 

Lastly, I also withheld 10% originally ($1,513.91), but I dont think I reported that when including the income on the past three years returns. Is there anyway to adjust that now since I forgot to do that?

Thanks, everyone.

Sam

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4 Replies

Questions about Corona Virus Distribution and Taxes

You should not anwer YES to the question because the three year interval is over.

TurboTax is causing a lot of confusion with this question.

 

To amend 2020 for a refund, the last chance is Tax Day i.e. April 15th, unless you had asked for an extension on your 2020 tax return.

 

@dmbteach22 .

Questions about Corona Virus Distribution and Taxes

The 10% withholding would have all gone on the first year return 2020.  Check your 1040 line 25b for it.  

 

Then there has been a problem with a 4th year 1099R transferring over.  That is not needed.  See this post for what to delete
https://ttlc.intuit.com/community/retirement/discussion/i-took-a-401k-wd-in-2019-then-spread-it-over...


You can go into Tools and delete the 1099R and 8915 form that transferred over.

Questions about Corona Virus Distribution and Taxes

Unfortunately, there is no 25B on my 1040 from 2020. I did not list anything for line 25, which means I most likely forgot to enter the amount that I pre-paid in taxes which would have lessened the amount I was claiming that year. 

Questions about Corona Virus Distribution and Taxes

If you left out the tax withholding in 2020 the IRS should have automatically added it in for you and increased your refund or reduced the tax due.  

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