I closed out a smaller retirement account last year for assistance during covid times. When entering the 1099-R now in Turbo Tax deluxe, I checked yes for covid19 related but it removed 7k in taxes due versus the 2k that the 10% additional penalty would have been. ? That sounds wrong and cannot understand why. Seems I would still owe 5k still after the 2k 10% penalty was be removed. I haven't submitted them yet. Can anyone explain?
