Let's say I have taken out $15,000 out of my SEP IRA in 2020 due to COVID-19 pay cut from my employer and 1099-R says that the distribution is $15000, can I report the income in compartment of $5000 each for the next three years.
Given if am not planning any additional IRA withdrawals going forward So more specifically can I report IRA distribution as follows:
Report distribution $5000 in 2020
Report distribution $5000 in 2021 and
Report distribution $5000 in 2022
and am planning on re-paying this amount of $15,000 within the next 3 years by 2022
