I am planning on making a distribution from my IRA or 401k account in November 2025 and will pay it back within the 60 day window in January 2026. I will deduct 10% from my IRA or 20% from my 401k. I am trying to find out how I report this transaction for my 2025 tax return since it will cover 2 years. The tax form I receive in 2025 will show the distribution and the taxes withheld. However, I will not get a 2026 form until the following year.
Does anyone know how I would handle this transaction? Thank you.
