Thanks @DianeW777 and @fanfare -
On my 2020 8915-E, on line 9 ("If you elect NOT to spread the taxable amount over 3 years, check this box"), that box is not checked, and so the amount entered on line 9 is 33,333.
I guess I'm just not clear on the withholding still. If I don't get the original withholding (~$35,200) returned to me, then I have overpaid the IRA that amount and I'm out that money. That can't be right. What am I missing? Just a reminder on my withholding logic:
- 401k has 100k, which I borrow, leaving $0 in my 401k
- I (regretfully) elected for 32% withholding on that 100k, so I ultimately received $64,800
- Now I'm paying it back, which I have to pay in full at 100k.
- My 401k is now fully repaid to 100k
- However, that original withholding (~$35,200) is still with the IRS, which I've now repaid, so I'd expect it to be refunded to me.
Thanks again!
