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Deductions & credits
Did you pay it back to your IRA within 60 Days of taking it out? If you did, then it should not be taxable. TurboTax will ask you what you did with the money and if you put it back into the account or another. Indicate you did the continue through the screens. You should receive the form 5329 probably sometime in May. This form is reported to the IRS and should indicate your IRA contributions and rollovers for 2020. This would be the form you need to provide the IRS if you repaid the distribution in time.
March 7, 2021
10:25 AM