Coronovirus Retirement Distribution in 2020

[jackie310]

Since it is virtually impossible for Preparers to remember everyone who opted to treat Retirement Distributions as Coronovirus Related Disaster and the distribution did not carry over into 2021 Tax Return on the software, can the repayment begin on the 2022 Tax return or do we have to amend the 2021 return to include repayment amount?

[TaxGuyBill]

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@jackie310 wrote:

 repayment amount?

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Repayment?  As in the taxpayer rolled the money back into the IRA?

Or do you mean tax payment on the 1/3 distribution?  If you missed that on the 2021 return, it needs to be amended.  You really need to review the prior year tax return before filing a final return.

[Just-Lisa-Now-]

Im not sure how it's impossible to remember, I alway review the prior year return before preparing the current year.

Yes, you'll need to amend if you didnt input the portion of distribution taxable in 2021.

[qbteachmt]

"can the repayment begin on the 2022 Tax return"

A repayment is entered for the tax year it occurred, unless it is higher than the taxable amount that was to be reported that year.

(This makes at least 6 topics where you cannot tell if they meant Repayment or meant Incremental Income reporting)