If you did not roll the money back into the IRA within 60 days, then it would be considered a contribution and you can choose to apply it to 2020 even though it was completed in 2021. That choice is yours, but you must make sure your plan administrator knows what year the contribution belongs to.
- Per the CARES Act: If you withdraw and complete the rollover within 60 days, you can rollover your distribution into a Traditional IRA. You would not be able to rollover into a Roth IRA account without tax consequences.
Right now, it's the penalty that is waived, which does not apply in this case, and the ability to report it over a three year period instead of all at once.
The following links will show you the deduction limits and income thresholds.
If you qualify, then you should enter an IRA contribution for 2020, once you confirm the year with your financial agent as noted above.
To enter your 2020 IRA contribution (money you put into your IRA), open your return, search for ira contributions and select the Jump to link in the search results. We'll take you to the Traditional IRA and Roth IRA screen where you can start the IRA interview.
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