I had borrowed against my 401K unver the Covid guidelines in October 2020. In December 2020 I returned 90% of the money I borrowed. But the 1099 R I received it shows the full amount that I need to pay taxes on.

301

Expert Alumni

Jan 21, 2021 10:00:09 AM

The Coronavirus-related relief measures for retirement plan distributions have to be reported on form 8915-E which has not yet been finalized by the IRS. No date has been given by the IRS for the finalization of this document.

TurboTax will update this section after the IRS releases the final version of form 8915-E and its instructions. Please revisit this section at a later date.

Level 15

Jan 21, 2021 10:10:35 AM

You said you borrowed it. Was it actually a loan, or rather a distribution that you rolled back? And did you do so within 60 days?

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I had borrowed against my 401K unver the Covid guidelines in October 2020. In December 2020 I returned 90% of the money I borrowed. But the 1099 R I received it shows the full amount that I need to pay taxes on.