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Does anyone know how to report a COVID19 401K Withdrawal as taxable income? TurboTax states it does not yet have this information available.
I took a withdrawal from my 401k according to the Disaster Relief Distribution option, for COVID19. It states it does not have the 10% tax penalty for the early withdrawal. When reviewing the IRS publication, it states you can report the distribution amount over three years beginning with 2020. TurboTax also says they do not yet have the COVID19 Disaster option available in TurboTax yet. I am just trying to find out if it is correct for me to be paying additional tax after I already paid a 10% tax when I received the distribution, or if I should be splitting the reported amount on my 1099-R in thirds to report only 1/3 this year.
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‎January 28, 2021
9:36 AM