I took a CARES Act withdraw from my retirement account in 2020, and repaid it in 2020

[kctaxquestion]

Hello, 

After I took a CARES Act withdraw from my retirement account in 2020, I held onto it for a few months, then put it back into my retirement account. If I understand the IRS rules correctly, I do not have to pay taxes on that distribution. I did, however, receive a 1099-R form. How do I handle this in TurboTax? Thanks for any help.

[MinhT1 · Accepted solution]

The sums that you repaid are considered as rollovers to the same account and is not taxed.

Enter your form 1099-R normally. After entering your form 1099-R, click Continue until you reach the screen Did [name] repay any of this distribution?. Check the radio button which corresponds to your situation then click Continue and follow the interview. Enter the amount repaid as a rollover and it will be excluded from taxation. You will still have the credit for taxes withheld shown on your form 1099-R.