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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- COVID 19 DISTRIBUTION DEFERALS
COVID 19 DISTRIBUTION DEFERALS
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jknecht
Level 3
04-04-2022
05:02 PM
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Hello Friends...
Just got a call from a son of a deceased taxpayer. The taxpayer took a disbursement in 2020 under the COVID rules for 100K. Taxpayer died in December. So I have some questions...and I can't see anything out there in the IRS world..
(1) Has anyone come across tihs?
(2) Can the Family pay it back (+ 2022's) amount so that they don't have any tax at all on it.?
(3) Could the Family legally go back and payback 2020 as well?
(4) Do we file 2021 as a deceased taxpayer and hope it goes away 🙂
Please share thoughts as how to handle best.
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qbteachmt
Level 15
04-04-2022
07:24 PM
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"so that they don't have any tax at all on it.?"
Well, it's taxed at some point, no matter what. Hope what goes away?
"and I can't see anything out there in the IRS world"
The IRS has instructions on what to do when a person dies. Did you read the instructions for Form 8915-F?
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