I took a $5,224 distribution from my traditional IRA in March 2020 after a job loss due to Covid-19.
I can pay it all back however my question is this. I am 64 years old and normally contribute up to $7,000 each year. Would the $5,224 count towards the $7,000?
Can I pay back the $5,224 and contribute up to $7,000 more to my IRA for 2020?
That's the question Jeffrey Levine, chief planning officer of Buckingham Wealth Partners, answered in this episode of Ask the Hammer.
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