Sonia Barkman

I have several clients that took money from their 401k, as a result of the Coronavirus-related distribution relief. I was unsure of how to show the amount taxable and I want to confirm I did this correctly. Since they are able to repay over a 3 year period the 1099 for on the bottom has a box that I checked and the corresponding line was where i but the amount being deferred. Line 5b on the 1040 shows 1/3 of the distribution amount as taxable. This made a big difference in my clients return.