@gobosox0407 wrote:
That’s what I thought however I was never given an option to setup a payment plan, nor can I find any options to set one up at this point. I suppose I will have to look harder
Repaying is an option if you do not want to pay tax on the distribution.
For 2020 repayment before the May 17, 2021 due date, consult the plan administrator how to send the money back to them and then you report the repayment in the 1099-R section COVID interview to go on your 2020 tax return as a rollover.
For 2021 there will be a revised 8915-E form to report any repayment.
**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.**
