I withdrew 50K from my 401K in Dec due to Covid. I took out 50K and paid 5K for interest.
I repaid 21K in Jan/Feb 2021. Separately, I made a contribution to my 401K for 2020 (6K) back in May 2020.
I want to spread the 29K over the next three years - but when I enter the information on turbo tax download software, it's not picking up 1/3 of the amount but the entire 29K as income for this year.
This has to be an error w/ the software. When I click on box #7 - put 1 but click on IRA/SEP/Simple - it looks like the software calculates everything correctly. Is this a glitch in the software?
I need to file my taxes soon.
thank you
