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- A client did an covid withdrawal from 401k in 2020 in the amount of $30,000. It was added to their 2021 taxes making there income for 2020 $30,000 more because they haven't made any payments. Why is t...
A client did an covid withdrawal from 401k in 2020 in the amount of $30,000. It was added to their 2021 taxes making there income for 2020 $30,000 more because they haven't made any payments. Why is the $30,000 being added back to their 2021 taxes?
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1 Comment 1
qbteachmt
Level 15
01-31-2022
04:12 PM
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Everyone else is complaining that the carry-forward amount isn't carried forward. You seem to have something in the wrong place, if it doesn't even apply to 2021. If they reported as taxable in 2020 all of what they took in 2020, you should not see it in 2021, of course.
By the way, you put your entire text of your issue into the Title. Feel free, next time you start a topic, to use both Title, and then the content box.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
