@Mdelong1375 wrote:
My question is will a new 1099-R form be issued if I took the cares act withdrawal in 2020, but choose to pay over 3 years? Was the federal tax withheld in 2020 also applied over the 3 filing years, or was it applied fully on my 2020 return even though I opted to spread the tax over 3 years?
thank you for any feedback.
No, you will not receive another form 1099-R for the distribution from 2020. The federal taxes withheld on the 2020 Form 1099-R was only entered on the 2020 tax return as a tax payment in 2020.
You will be asked in the section for entering a 1099-R if you received a form in 2021, if you did not then answer No. The program then will ask about a Coronavirus distribution in 2020 which you would answer Yes. It will then take you through reporting the 1/3 of the amount received on your 2021 return.
Those questions will not be asked until the Form 8915-F is available from the IRS.
See this TurboTax support FAQ for the 8915-F - https://ttlc.intuit.com/community/retirement-tax-credits-and-deductions/help/what-is-form-8915-e-qua...
