Welcome back! Ask questions, get answers, and join our large community of tax professionals.
Showing results for 
Search instead for 
Did you mean: 

tax payer had distribution of $30000.00 ,what's to report over 3 years. Paid $2000.00 in federal tax. Is tax payment reported over 3 years too

Level 1
0 Cheers
2 Replies 2
Level 15


Still an AllStar
Level 15

The tax paid will be against the total owed for that 2020 return. If there is too much tax paid in, there is the option to "let it ride to 2021." Remember that all withholding is set by the IRS or identified by the tax payer per event, and has nothing to do with a person's actual taxes owed. You never know what is owed until that tax return is prepared.

"Level Up" is a gaming function, not a real life function.