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Retirement tax questions
If you 1099-R has your Social Security Number on it, it belongs to you and you can't apply it to your spouse.
TurboTax wants to verify your age, because there is a Penalty for Early Distribution, normally.
If you are not 59-1/2, and you took an Early Distribution (Code 1 or 2 in Box 7 on your 1099-R) due to hardship caused by Covid, you can spread out the taxable income over a three-year period.
This is reported on Form 8915-E which is not yet finalized by the IRS.
If this would benefit you, click this link for info on How to Be Notified when Form 8915-E is Ready.
Click this link for info on How to Enter a 1099-R.
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ā€ˇFebruary 12, 2021
4:45 PM