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reporting of the income over the three years, which was an option, so a bit over $5,000 was reported as income that was withdrawn from a retirement account.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
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.
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-20-21-22-years-taxes-i-checked-my-documents-and-it-is/00/3131462
You can go into Tools and delete the 1099R and 8915 form that transferred over.
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.