Bud0401
New Member

401K withdrawals

Retired and I withdrew money from my 401k account in February 2020. Then we found out that no withdrawal was needed in 2020 because of the Cares Act.  In June 2020 we added/redeposited the exact amount into a retirement account. An attempt to ZERO OUT the original withdrawal. Turbo tax indicated that the deposit was not legal as  we had no income in 2020 and therefore not a legal deduction. . What should I do which will enable me to have a net effect of zero for the withdrawal and redeposit? 

 

Thank you, Bud Gorski [phone number removed]