Sonia Barkman Posted February 18, 2021 Report Posted February 18, 2021 I have several clients that took money from their 401k, as a result of the Coronavirus-related distribution relief. I was unsure of how to show the amount taxable and I want to confirm I did this correctly. Since they are able to repay over a 3 year period the 1099 for on the bottom has a box that I checked and the corresponding line was where i but the amount being deferred. Line 5b on the 1040 shows 1/3 of the distribution amount as taxable. This made a big difference in my clients return. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.