@yadira1 wrote:
Deleted 1099 and still not working. It's still not calculating income over three years unless I sign the IRA/Simple/ on box 7 even though my distribution is coming from 401K account.
What is the difference between repaying within 2 months of taking out the money and rolling over within 60 days? Perhaps I am not inputting the info correctly. So I took out 50K in Dec and put back 20K in January and Feb - within 60 days. Is this considered a rolloever? In the software, I said that I did various things with the money I took out. After that I get a few questions that are a bit trick. When they ask if I did a rolleover - should I say 20K and when they ask if I repaid any- I need to say zero?? Or should I just say that I repaid 20K? Please let me know. I need to submit my taxes by latest tomorrow. Thank you.
This is so frustrating.
Why tomorrow? The filing date is April 15.
If you did a 60 day rollover then it is not a COVID related distribution at all, just a simple rollover. Say it was not COVID related and then say you "moved" the money and rolled it (or part of it) . over.
Delete the 1099-R to reset prior answers and re-enter.
(You only say it was COVID related if you want to pay it back (or pay the tax) over 3 years.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
