CARES Act CRD repayment w/3-year spread

Assume that I do the three-year spread of my CRD. I understand that Notice 2020-50 (the carryback option) allows me to amend my 2020 tax return if I repay more than 1/3 of my CRD before timely filing of my 2021 return. In that case, the first 1/3 is applied to 2021 income.

But what if do the three-year spread but decide, after filing my 2020 return, that I want to reduce my 2020 taxable income -- not my 2021 income. Notice 2020- 50 doesn't seem to say that I can apply repayment to 2020 and amend my 2020 return in that situation. It seems to require that repayment be applied to 2021. Or, am I missing something?

Also, what happens if I repay more than 2/3 of my CRD before the timely filing of my 2021 return. I assume the first 1/3 of the repayment is automatically applied to 2021. For the remainder, can I allocate it any way I want between a 2020 carryback and a 2022 carryforward?

Thanks for your help.

You should be asking an accountant (or your accountant) rather than a forum of retirement plan practitioners, IMHO.

21 hours ago, Ian said:

Assume that I do the three-year spread of my CRD. I understand that Notice 2020-50 (the carryback option) allows me to amend my 2020 tax return if I repay more than 1/3 of my CRD before timely filing of my 2021 return. In that case, the first 1/3 is applied to 2021 income.

But what if do the three-year spread but decide, after filing my 2020 return, that I want to reduce my 2020 taxable income -- not my 2021 income. Notice 2020- 50 doesn't seem to say that I can apply repayment to 2020 and amend my 2020 return in that situation. It seems to require that repayment be applied to 2021. Or, am I missing something?

Also, what happens if I repay more than 2/3 of my CRD before the timely filing of my 2021 return. I assume the first 1/3 of the repayment is automatically applied to 2021. For the remainder, can I allocate it any way I want between a 2020 carryback and a 2022 carryforward?

I can't say I've studied this carefully but Section 4 and the examples seem to say you can carry back or forward as you wish.  If I'm wrong someone will jump on it!

6 minutes ago, Bird said:

I can't say I've studied this carefully but Section 4 and the examples seem to say you can carry back or forward as you wish.  If I'm wrong someone will jump on it!

It does.  Section 4F