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Get your taxes done using TurboTax
@hchan32 wrote:
I am aware that the federal and taxes withheld apply to 2021 and not 2020. So when I input a 2021 1099-R into TurboTax, do I leave the federal and state withholding boxes blank even though I know that Vanguard will send a 2021 1099-R with the withholding boxes filled?
Will it not matter what I input for the withholding boxes on my 2020 return since the withholdings only apply to 2021?
A 2021 1099-R entered into the 2020 program will ignore any tax withholding. Only the box 1, 2a and box 7 are used for 2020. The 2021 software will only enter the tax withholding and ignore all else for a 1099-R with a code P in box 7. If you want to enter it now to avoid having to amend then leave the tax withholding boxes blank.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎February 23, 2021
12:33 PM