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Deductions & credits
You can put the money into any qualified plan. Make sure to tell the plan in advance that this is a repayment of a COVID distribution (a special type of rollover), and is NOT a regular contribution. You may need to sign a form or make other special arrangements, especially since the money is not going back into the original plan. If the payment is recorded as a new contribution, it will be subject to contribution limits and you won't get the tax benefits of returning the money under the CARES act.
‎August 12, 2021
12:30 PM
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