The screen to designate your 1099-R withdrawal as money taken out due to Covid-19 is found on the 1099-R input screen. Although the forms are not available to be e-filed yet, you may enter your information now and revisit the area in TurboTax at a later date. Once you elect the distribution was due to Covid-19 and the IRS tax updates are complete, you will be able to make your election at that time.
You can input your 1099-R in TurboTax by following these steps:
- Open your return.
- Search 1099-R with the magnifying glass tool on top of the page.
- Click on the Jump to 1099-R link at the top of the results.
- Answer yes to the question Did you get a 1099-R in 2020?
- Click continue to the page Get ready to be impressed.
- Follow the on-screen instructions.
- On the page Tell us if any of these uncommon situations apply, put a check mark next to the statement I took out this money because of a qualified disaster (Covid-19).
Please keep in mind that the 10% early withdrawal penalty may be waived on up to $100,000 of retirement funds withdrawn if you are a qualified individual impacted by coronavirus.
You are a qualified individual if:
- You, your spouse, or dependent are diagnosed with COVID-19
- You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off
- You had hours reduced due to coronavirus
- You are unable to work due to your child care closing or reducing hours.
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