My husband took a loan against his IRA in December 2021 of $200,000 and also took out his RMD of $20,000.
The loan was paid back within 60 days, on January 28, 2022, and is not taxable. The 1099R shows the total amount of $220,000 as gross and taxable (1 and 2a) and 7 in Box 7. Turbotax Deluxe asks how much was taxable and he entered $20,000, but then it asks what is in Box 7 and when he entered 7, it made all of the $220,000 taxable. We want to file electronically, but this will need a written explanation. The payer will not issue a new, or separate, 1099R.
How do we manage this?
