1 Yr vs 2 Yr vs 3 Yr | Ed Slott and Company, LLC

1 Yr vs 2 Yr vs 3 Yr

If I make a small $5,000 withdraw from my TIRA on 4/15/2020 and put the entire $5,000 TIRA withdrawal on my 2020 income taxes, would I still have until 4/16/2023 to put the $5,000 back into my TIRA?

In other words, my real question is:

Do I have 3 years to return a TIRA withdrawal taken this year (2020) regardless if I spread the withdrawal over my taxes for 1 tax year (2020), 2 tax years (2020 and 2021) or three tax years (2020, 2021, 2022)?

Can I spread a 2020 TIRA withdrawal over just 2 tax years if I want?
Or are the options for claiming the income from a 2020 TIRA withdrawal just 1 year or 3 years?

Thanks. As always.

You must qualify for a corona virus related distribution, otherwise the rollover rules are the same as 2019 or before. If you qualify, you have 3 years to roll the distribution back and 3 years to report the income if you don't roll it back. The 3 year rollback deadline and the reporting of the distribution over 3 years are unrelated except that for either one you must qualify for the CV distribution. There is no 2 year option. just one or three. For a small amount like 5000 I would report it all in 2020. That way, if you end up rolling it back in 2023 you will not have to amend your 2020, 2021, and 2022 tax returns. 


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