We withdrew monies from our 401k in 2020 under a Covid distribution. I paid taxes on it over 3 years, in 2020, 2021 and 2022. I am filing this year and TurboTax is asking me about it and to fill out information (did you take a 2020 qualified disaster distribution?) It's leading me down a path where I don't have some of the information, I think some of the forms changed... anyway, since I've paid taxes on this already, do I need to do anything here?
@DeadEwok wrote:
Okay so this sounds like it's just carrying over forms? I can look at deleting those. So I mean just to be sure I don't have to like do anything at this point because I already paid taxes on it correct? Like I don't have to report anything to the IRS at this point?
No, there is nothing you have to report to the IRS since you completed paying back the distribution from 2020.
If you are asked about a disaster distribution taken in 2021 thru 2023 just answer NO.
The Form 8915-F Worksheet and the Form 8915-F along with the Form 1099-R were transferred from the 2022 tax return and need to be deleted. There may also be a "Qualified Disaster Retirement Plan Distributions" and/or a "2020 Disaster Distribution" form listed that has to be deleted.
If you are using the TurboTax desktop CD/Download editions installed on your personal computer, click on Forms.
When in Forms mode locate these forms on the left side of the screen. Click on the form to open each one and at the bottom of the screen click on Delete Form
Okay so this sounds like it's just carrying over forms? I can look at deleting those. So I mean just to be sure I don't have to like do anything at this point because I already paid taxes on it correct? Like I don't have to report anything to the IRS at this point?
@DeadEwok wrote:
Okay so this sounds like it's just carrying over forms? I can look at deleting those. So I mean just to be sure I don't have to like do anything at this point because I already paid taxes on it correct? Like I don't have to report anything to the IRS at this point?
No, there is nothing you have to report to the IRS since you completed paying back the distribution from 2020.
If you are asked about a disaster distribution taken in 2021 thru 2023 just answer NO.