LynnN82
Expert Alumni

Retirement tax questions

That withdrawal will not be subject to the 10% penalty for early withdrawal and, if you need it, up to three years to pay any additional income tax liability.

 

Follow these steps to report information from a Form 1099-R in TurboTax after logging in to your return:

Start in Federal Taxes,

Go to Wages and Income, and select what to work on

Then, scroll down to Retirement Plans and Social Security,

click on IRA, 401(k), Pension Plan . . . etc.  

Follow the instructions for entering information from your 1099-R

 

You should check this link on the IRS website for more information about the tax liability and possible payment terms.

Major changes to retirement plans due to COVID-19