8915-E

Forum|Forum|5 years ago
March 1, 2021
10 replies
27 views

Can the federal tax withheld from the 1099-R's for Covid-related withdrawals also be stretched out to the 3 years allowable for the distributions?

ProSeries Professional

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T

TaxGuyBill

No.

C

cindy85296Author

Level 2

Thanks!

qbteachmt

Level 15

Tax amounts paid in by withholding are the same as estimates and the same as any other withholding process. They all are part of the tax year paid in.

Don't yell at us; we're volunteers

TAXOH

Level 10

If there is a refund you could apply part of the refund to 2021.

IRonMaN

Level 15

Why would you want the government holding on to your client's cash for that long? Tell your client to go down to the bank and open up a savings account to deposit the refund into so they have the money ready for the next two years. They could even score bigger if they could find a bank that still gives away free toasters for opening up a new account.

Slava Ukraini!

TAXOH

Level 10

I know some people that if it's in their hands they have to spend it.

IRonMaN

Level 15

I know some of those same people 😁

Slava Ukraini!

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