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Retirement tax questions
DaveF1006's approach works in many, but not all cases because your tax return still shows a retirement distribution despite the distribution being undone by the repayment. The presence of the distribution can impede TurboTax's ability to properly calculate a Retirement Savings Contributions Credit for some of those who qualify. Reporting the repayment as a rollover avoids any such negative side-effects.
March 2, 2021
4:07 PM