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COVID 19 Withdrawl from 401k, split it into 3 years as allowed, paid taxes for 2 years, repaid the portion in year 3, How do I get credit for repaying?
I paid the first two years of taxes. Rather than paying the 3 year of taxes on my 2020 Covid withdrawal, I deposited that amount into a rollover traditional IRA (the 401k would not allow repayment). In Turbo tax, I've followed the prompts in the 1099-R about the Covid 19 - 2020 withdrawal, it asks if I've repaid any 2021 withdrawals but it never asks about 2020 Covid repayments. If I put my information into the 2021 section - Turbo Tax does not reduce the amount I owe in taxes, because I didn't take any 2021 withdrawals. How do I fix this?
March 24, 2023
3:52 PM