If I am under 59 1/2 and took a distribution from 2 IRA accounts under The CARES act. Where do I add this disclosure on my tax form so that I avoid the 10% penalty?

brucereifel · ‎January 27, 2021

DaveF1006 · ‎January 27, 2021

If using Turbo Tax online, to enter your 1099R retirement and pension income in Turbo Tax:

Go to federal>wages and income>all income
Retirement plans and Social Security>show more
Ira (401K), pension plan Withdrawals(1099R) Start
Here you will enter your 1099R.
After entering your 1099R, there will be followup screens. There will be one that asks if you took this money before 59 1/2.
Then it will ask if you have a qualified or non-qualified IRA.
Next screen will ask tell us if any of these uncommon situations apply.
Here you would check the first choice. I took out this money because of a qualified disaster (includes COVID-19)
Even though you have entered this, you will receive a message stating that the IRS instructions relating to COVID related issues aren't ready yet. Don't panic but revisit your return periodically for the update.

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Retirement tax questions