Now the questions are coming in. My question - if client takes the full $100 K are the only options report it all at once or evenly over three years or for instance 50% then 25% and then the remaining 25%? Thanks in advance.
You want to stay current with IRS info, such as:
"Q6. When do I have to pay taxes on coronavirus-related distributions?
A6. The distributions generally are included in income ratably over a three-year period, starting with the year in which you receive your distribution. For example, if you receive a $9,000 coronavirus-related distribution in 2020, you would report $3,000 in income on your federal income tax return for each of 2020, 2021, and 2022. However, you have the option of including the entire distribution in your income for the year of the distribution."
"Level Up" is a gaming function, not a real life function.