So I just got my first of a couple 1099-Rs.
Took distributions to pay recurring debt down do to loss of wages due to covid.
Box 1 = 15K, box 2a = 15K, box 4 = 4500, box 7 =7 "normal distributions". When TurboTax publishes 8915-E, will there be some sort of programatic connection between its 1099-R and it to allow me to report my early distributions "ratably over the next 3 years"?
And will there be a form programmatically connected to "walk me through everything" for those not receiving a 2nd stimulus (what will that form be if it exists now and how to populate)? We received the first stimulus quickly and with no issues (auto-deposited).
In my above example, if I distribute the 15K over 3 years, what of the 4500 in taxes - do I declare that just this year or spread that over 3 as well? We have 2 dependent kids (17 and 19/college student) - both received UI - both taxed fed and state per check and now, surprise! - have to pay a pretty steep kiddie tax on top of that so by deferring some of ours, we can pay their kiddie tax and have a little left over this year to help us get out of covid.
