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Tax Blog

Bored? Here's an ongoing series of informational entries about taxes.

April 4, 2021

Disaster Relief and Retirement Plan Distribution Pitfall

January 7, 2021

As we move into preparing 2020 taxes, please note that if you took an early retirement plan distribution up to $100,000 in 2020 for disaster relief, you can elect to be taxed on that over 3 years: on your 2020, 2021, and 2022 Federal tax returns.


However, it is not uncommon to get a follow-up notice from the IRS (CP2000) proposing changes to your tax return in order to tax you on the entire amount in the year you took the distribution. If you receive such a notice, contact your favorite tax professional to assist you, or reach out to me for assistance.


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