Hello Expert ,
Please help me and provide the suggestive advice for my situation.
- I had taken a Corona Virus related IRA distribution from my 401k account in 2020 for an amount $92841 . I had received 1099 R and imported it into the 2020 tax return.
- I had chosen to distribute Income as a 3 years method and paid back $30948 into my 401k account and reported this in the form 8915 E and hence I did not have to pay any taxes on the 1/3rd portion of IRA distribution amount .
- The total amount is also reflected in 1040 column 5a (Pensions and annuities) . This total amount reported to FAFSA when I transferred the tax information automatically and considered as income when calculating EFC .
My Concern
- I think it should report to FAFSA only 1/3 rd of the amount into 1040 column 5a (Pensions and annuities) which was reported into 8915 E( $30948 ) and since I Paid back so net should be zero into the column 5a (Pensions and annuities)
- Did I reported wrongly the 1099 R total amount ? or I should report only 1/3 rd of 1099 amount too.
