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carlosfhts
Level 3
March 24, 2022
Solved

8915-F payoff the last two years, this year

  • March 24, 2022
  • 2 replies
  • 6 views

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?

This topic has been closed for replies.
Best answer by IRonMaN

He can't do that.  Once he elected for the three year spread, he is in it for three years.

2 replies

IRonMaN
IRonMaNAnswer
Level 15
March 24, 2022

He can't do that.  Once he elected for the three year spread, he is in it for three years.

Slava Ukraini!
    C
    carlosfhtsAuthor
    Level 3
    March 25, 2022

    That's what I thought.

    Thanks for the response

      IRonMaN
      IRonMaN
      Level 15
      March 25, 2022

      You betcha!

      Slava Ukraini!
      qbteachmt
      qbteachmt
      Level 15
      March 25, 2022

      You can amend 2020 and opt out of the three-year spread. Now they owe all of it.

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