Question

Amend 2020 tax return. How long do I have to file Amendments?

Forum|Forum|5 years ago
April 2, 2021
2 replies
0 views

Hello I forgot to add some 401k money I borrowed to help us thru the pandemic

I need to add this income to my 2020 return. I read somewhere that I may have up to 2-3 years to claim or amend . I really don't have the income to pay this tax and could use some time to accrue it

How do I amend my return for someone not very good with computers. Can you look to see what service I bought and maybe you can chat me thru it?

Thank you and I await your contact Marty

DoninGA

Employee

If you received a loan from the 401(k) then you do not report this loan on a tax return.

Unless you defaulted on the loan or left the company without paying the balance of the loan then you would have received a Form 1099-R for the distribution. Then you Do have to report the distribution on your tax return.

M

MpedlerAuthor

Yes I did receive a 1099-R and will need to pay tax on it or should have reported but forgot

My return was excepted and now need to amend

Do I have some time to amend? or does this have to be done by April 15 2021

CatinaT1

You can amend anytime, however any balance due and not paid by May 17th will begin accruing interest. You have 3 years from the filing due date to file claim for a refund.

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