TaxGuyBill
Level 15

@Just-Lisa-Now- wrote:

So what if you didnt pay back the full amount, what if you only paid back 50% of it?  

Say I got a 30,000 dist in 2020

in 2022 I pay back 15,000. 

Does the 2020 get amended to remove the whole 10k,

then 2021 amended to remove 5k,

then you pay the tax on the 10k in 2022?


 

The recontribution first affects the current year.  So 2022 would have $0.  The other $5000, you can choose which year to amend to take off that $5000.