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Retirement tax questions
@TroyPetry2020 wrote:
No. I did COVID-19 distribution of $90k from 401k (former employer), and then reinvested $78k of that in my IRA, as my former employer would not accept repayments/deposits since I am no longer an employee. Therefore, I have $12k of taxable income.
Right...Tried using the numbers you provided and the amount rolled over to the IRA, I can only see the entire $12,000 as taxable income regardless of how this is designated, pay the same year or over 3 years.
I will page a couple of other users who may have an explanation of why you are seeing only the entire amount as taxable in 2020. @macuser_22 or @dmertz could you review this please.
March 1, 2021
8:57 AM