sc2
Level 1
04-10-2021
11:53 AM
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I am trying to figure out how to report a $100k IRA COVID distribution on the 2020 NJ 1040. Turbo Tax places the full amount on Line 20a, but does not allow me to pay only 1/3 of the tax liability in this year’s tax return, as permitted by the CARES Act. Can I put $66,667 on line 20b and line 28b so I can subtract that amount from my taxable income?