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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- repayment of covid distribution
repayment of covid distribution
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rsnell5078
Level 2
03-27-2022
01:23 PM
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Where are repayments of covid 401k distributions reported by the plan? I have a client telling me he is repaying but it does not show up on the w2?
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qbteachmt
Level 15
03-27-2022
02:42 PM
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Read the 8915-F instructions for repayment handling. It matters when they happened. You seem to expect them on the W2, so that means, out of payroll? Does the plan administrator know these are not new contributions? Repayments of disaster distributions are the same as Rollover or redeposits. And there might need to be an amended 2020. It also matters if the client opted out of the 3-year spread or not.
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