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Get your taxes done using TurboTax
You should receive a Form 199-R reporting the income from the early IRA distribution. Unless you meet one of the exceptions, you will have a 10% penalty for early withdrawal from your IRA. Please see this list of exceptions on the IRS website: Retirement Topics - Exceptions to Tax on Early Distributions
To enter the 1099-R please follow these steps:
- Click on Federal > Wages & Income.
- Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).
- If you've already entered one (or more) 1099-Rs, you will see a screen Your1099-R Entries.
- Now you can click on the link Add Another 1099-R.
- If you haven't already entered a 1099-R, you will see the screen, Your1099-R. Click Yes and then Continue.
- Click the I'll type it in myself box.
- On the screen, Tell Us Which 1099-R You Have. Make sure you select the correct form and then click Continue.
- When you are finished entering the 1099-R information, you will be brought back to the Your 1099-R Entries screen. Click Continue if you have no more 1099-Rs to enter.
‎February 19, 2021
10:58 AM