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2020/2021 Covid Early Distribution Payments
I took out an early distribution from my IRA in 2020 due to Covid and reported it as such on my 2021 return. Per the CARES Act, the early withdrawl penalty (10%) was voided, and also you were given the option of either A) paying the full tax of the withdrawl or B) make equal payments of the tax in 2020, 2021, and 2022. I took option B and made my first payment with my 2020 return. Now Im working on my 2021 return but its not allowing me to enter the "income" of the early disbursement. Is there a form yet that the IRS needs to create and publish, or am I supposed to enter this "income" on a different area of Turbo Tax?
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‎February 10, 2022
10:08 AM