I received a 1099R for a qualified loan offset (code 1M and 0.00 in box 2a)
we entered all the information as requested in turbo tax and talked to one of the experts before filing, who said the amount in box 1 was added to our AGI but that no penalty was assessed. I was confused because it was my understanding that unless I rolled over the money I borrowed (it was a smaller amount <$2000) we would pay a penalty and taxes, and we were ready to do so. Now I read somewhere I could also rollover the amount to a qualified plan before April 15th (since distribution took place in 2020.) Do I still have time to do so even though I already filed my taxes? The expert just said I didn’t have to pay a penalty but I’m just confused. Would the penalty be assessed next year if I hadn’t rolled over the amount from box 1?
