@usaroberts wrote:
In my case, I am dealing with 1099-R's.
Box 1 has an amount. Box 2A has the same amount. Box 7 code is 01, and the IRA/SEP/Simple box is ticked.
I followed all the new questions about Cares act eligibility in regards to whether the withdrawal falls under the CARes act requirements and itr does. Its just at that last page where the software asks about wanting to spread the distribution over 3 years or take the tax hit this year but the software doesn't pickup that amount of the distribution that has already been inputted, so the inputs on that page don't make a difference. The software has correctly removed the 10% penalty, but it seems like there is more work to update the software in regards to the 3 year spread or take tax hit for 2020 page inputs.
Hope that makes sense
Did you repay any of the distribution in 2020? If not, and you did Not check the box to pay tax on the entire distribution in 2020, then 1/3 of the distribution will be entered on your Form 1040 Line 4b as taxable income.
All of the federal taxes withheld and reported in box 4 of the 1099-R will be entered on your Form 1040 on Line 25b as a tax payment.
What is shown on your Form 1040?
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
