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Get your taxes done using TurboTax
In TurboTax Online, after you enter the 1099R information you will see a screen for "Uncommon Situations" Check the 1st box that indicates "I took out this money because of a qualified disaster (includes COVID-19)" The Covid-19 election to defer for Cares Act distribution is not completed yet
If you are working in the desktop software, there will be an option to elect this Cares Act deferral in a future release.
This is not yet implemented in 2020 TurboTax. When it is, you can expect it to behave similar to the reporting for natural disaster distributions are treated.
‎January 24, 2021
12:57 PM