You should be receiving a Form 1099-R. To enter 1099-R, here are the steps:
In TurboTax online,
- Sign in to your account and select Pick up where you left off
- From the upper right menu, select Search and type in 1099r and Enter
- Select the Jump to 1099r
- Follow prompt
This amount will shown on either line 3 or 4 of your From 1040. If you are under age 59 1/2, the distribution from the retirement accounts is considered as an early withdrawal. Generally, you are subject to an additional 10% penalty of your entire distribution unless you met certain criteria. Due to the Section 2202 CARES Act, if your distribution is related the Covid-19, you will not be liable for this additional penalty. For more information from the IRS, click here: Covid Relief. If your distribution is not related to the Covid, you will need to pay the penalty.
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