carlosfhts
Level 2
03-24-2022
06:42 PM
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My client wants to account for the remaining distribution so he doesn't have to account for a third next year.
In other words, instead of being taxed on a third of his 2020 distribution he wants to pay taxes on the remaining two thirds this year.
Any suggestions on how?
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IRonMaN
Level 15
03-24-2022
06:47 PM
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He can't do that. Once he elected for the three year spread, he is in it for three years.
Slava Ukraini!
carlosfhts
Level 2
03-24-2022
07:03 PM
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That's what I thought.
Thanks for the response
IRonMaN
Level 15
03-24-2022
07:07 PM
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You betcha!
Slava Ukraini!
qbteachmt
Level 15
03-25-2022
11:52 AM
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You can amend 2020 and opt out of the three-year spread. Now they owe all of it.
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