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401k DRAWN OUT EARLY - COVID THING


Marie

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It is too late for 2020 but he can put back 2/3 which should be .5 for 2021 and .5 2022.  Or he can put back 1/3 for 2021 and he will have a whole year to send the other 1/3.

Ask him to send 1/3 now and see if the 401k holder accepts it.  I have a client who sent it back sent the money with the wrong form and the custodian sent back they whole enchilada.

Make sure you amend only if he is able to redeposit the money. It seems that you can use 8915-F to accommodate for 2021.

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that's what I thought, but when I told my client we couldn't amend, he went to a high priced CPA firm and they amended it, so now he is paying on  1/3 of it this year and next.  Do I go ahead and do it, or send him back to the cpa firm?

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