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No, I asked the question about if you received a 1099R because I wanted to prescribe an exact sequence of steps for you to take. Here is the exact sequence of steps that I want you to follow to make sure you report this correctly and generate a 8915F in your 2021 return.
Thank you this helps a lot! One last question, in the deductions section where I put in what I contributed to my IRA in 2021, should I not include the payback portion? I am 55, I contributed 7000 (the max) and then I also paid back 4000 of the early distribution which means that the total is 11K which is too much and looks like it would incur a penalty. My investment firm calls the 4000 pay back as "rollover." on their tax forms.. Turbo tax says in that section, don't include roll overs in your IRA contributions.
I hope you did this as two separate deposits.
You have to tell the custodian how much you are paying back.
You have to tell the custodian you are making a regular contribution and for which year (2021 or 2022).
If you paid back 4,000, you put $4,000 on Form 8915-f as amount paid back.
the amount you paid back is not a contribution.
Every time I have made a deposit to pay the COVID early distribution back I call them and walk them through it vs just making a deposit online. Sometimes I have had to get through two people before I get one on the phone that knows how to correctly note this contribution. The last one I just did and they incorrectly marked it as a regular contribution and it took me three phone calls to fix it. So you gotta check and triple check your statements.
Since you know exactly what is going on, do you still have questions about how to enter this in TurboTax ?
Dave,
a question on this topic. I took a Cares Act withdrawl from my 401K in 2020. Didn't receive the tax form in the mail and thus forgot to report it on that return. I didn't discover the oversight until early 2022 and repaid the distribution in full to my 401K in June 2022, but am now confused about whether I amend the 2020 return and include the repayment on the 2022 return or simply wait for the IRS to issue a letter and provide them with evidence of the repayment ie. what's the point of amending the 2020 return and paying tax on the distribution if I will receive it all back in 2022?). Thank you.
You won't pay anything because you are filing them all at the same time. The returns will offset each other.
The accurate way is to amend 2020 return, so I recommend amending. Then report the payback on 2022. The two returns will offset each other but the files will be correct.
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