To answer Covid related questions under 1099-R, see steps below. If you are using TTO, there are no known issues. If you are using the desktop option, we are working to resolve this issue. Click here: Covid related questions
To enter your Form 1099-R in the program, follow here:
In TurboTax online,
- Sign in to your account and select Pick up where you left off
- From the upper right menu, select Search and type in 1099r and Enter
- Select the Jump to 1099r
- Follow prompts to answer Covid related questions.
If you are under age 59 1/2, the distribution from the retirement accounts is considered as an early withdrawal. Generally, you are subject to an additional 10% penalty of your entire distribution unless you met certain criteria. Due to the Section 2202 CARES Act, if your distribution is related the Covid-19, you will not be liable for this additional penalty. For more information from the IRS, click here: Covid Relief. If your distribution is not related to the Covid, you will need to pay the penalty.
As far as the reason why refund goes down, to check numbers, you can preview your Form 1040 before file, here are the steps:
In TurboTax online,
- After sign in to your account, select Pick up where you left off
- To your left, select Tax Tools, click on the drop-down menu
- Select Tools, click on View Tax Summary
- Next screen, Review Tax Summary, to your left, select Preview my 1040
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