Thank you for the detail reply. Box 7 was marked "1L" for Deemed distribution. This loan was taken out in January, 2020 and was not initially taken out for Coronavirus reasons. This may be the reason the 1099-R code designation is L. However, my understanding from the IRS Notice 2020-50 is the original intent of the loan does not affect the status as a Coronavirus exception.
I also understand from the Notice that the individual can treat the distribution as Coronavirus related even if the 1099-R does not reflect that as long as it is a qualified distribution to a qualified individual. The distribution was not rolled over because I was called back to work in April, 2021 and my 401K is still active.
Thank you for correcting my definition as a Loan and not a Distribution in 2020. This all relates to a loan taken out in 2020 that can be characterized as Coronavirus related and was treated as a distribution because of being furloughed. I know it will be taxed, but I would like to have the 3 years to include the distribution for taxes.
Thank you
