We took a disaster related ( covid)distribution in 2020 and spread the amount over three years . In 2023 , before filing 2022 return , made a repayment contribution in the amount of 1/3 ( one years worth )
I believe we miss -handled that return and reported the same amount as taxable. for 2022 Should we have reported that repayment on the 2022 return when we filed it? If so, how do we fix.
Yes, you should have reported the 1/3 of the amount repaid as taxable on your 2022 tax return. If you also reported 1/3 of the amount repaid on your 2021 tax return as taxable then you have completed the requirement for reporting the repayments.
For all three years we reported 1/3 of the distribution on the form 8915 and were taxed on the additional amount. The question is -we made one repayment before we filed taxes last year for 2022.
We paid tax in 2022 on the 1/3 portion for the third time but did not credit ourselves for the one repayment made . The question is -can we report the repayment this year for 2023 or do we need to do an amended return for 2022?