No its not correct. You need to delete the 1099R and delete the 5329 then re-enter the 1099R. Form 5329 accesses IRA penalties.
While in your return in TurboTax:
- In the left hand column select "Tax Tools"
- Select "Tools"
- Select "Delete a form"
- Review for form 5329
- Delete selected
- Review for Form 1099R
- Delete selected
- Then "Back" to go back to TurboTax and re-enter your 1099R.
After you have logged in and are in your return in TurboTax Online:
- Go to Search at the top of the screen.
- Enter Form 1099-R in the search box.
- You will see a Jump To function that will take you to the 1099-R input screens.
- Then add a new 1099R and manually enter your 1099R.
At the financial services screens, click "Change how I enter my form" then "Type it myself"
At the RMD screens make sure and enter "None" to RMD question for 2020 amount.
