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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

042375chris
Level 1
 
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2 Replies 2
itonewbie
Level 15

Possible.

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qbteachmt
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.

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