Thanks for the detailed explanation. I think I understand it. My employment ended in November 2018, I received the 1099-R form for the $16,000 loan in January 2020 for my 2019 filing. If I were to make a deposit to an IRA before the July filing deadline, would the $16,000 still be reported as income on my tax return? I put in my TurboTax form the rollover $ I did transfer to an IRA (so that does not show as income). Right now, the $16,000 does show as income. And, if I only deposited $5,000 in an IRA, would that partially offset the $16,000 loan, where only $11,000 would then be reported as income?
Thanks much for your help
