@fanfare wrote:
@macuser_22
"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."
This cannot be correct.
If you were affected by COVID then your distribution can be designated COVID related by filing Form 8915-E.
It doesn't matter that you rolled it over in part within 60 days. in fact, you have three years to pay it back,
and you have until the due date of your 2020 return, including extensions to pay back a portion for 2020.
Q. what's the difference between a rollover of part and a payback of part?
A. None.
:"
The difference is, if it is a simple 60 day rollover that is allowed reguardless of COVID then the 8915-E is not required and just complicates things. If the questions are not answered correctly then it might be split over 3 years that is not intended. It is simply not necessary.
You are also claiming that it was COVID related for one of the qualifying reasons and might have to prove it later, but no reason whatsoever is needed for a 60 day rollover.
**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.**
