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I took a CARES Act distribution from my 401k. What exactly is considered repayment of the withdrawal? I understand that 401k payroll deferral is not considered repaymen
The account from which I made the withdrawal has since been closed. Does the repayment has to be in the form of "new money" being contributed to an eligible retirement account? Alternatively, rollover/transfer money from another account to an eligible retirement account?
Contributing "new money" would likely come from post-tax money. In the event the taxes were already withheld from the distribution, it appears "new money" from out-of-pocket contributions would lead to double taxations.
Contributing "new money" would likely come from post-tax money. In the event the taxes were already withheld from the distribution, it appears "new money" from out-of-pocket contributions would lead to double taxations.
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March 6, 2021
4:38 AM