Retirement tax questions

SamS1 · ‎February 25, 2021

I would delete the 1099R and re-enter. Make sure the you enter the 1099R manually and do not import. Is this a Roth distribution? Review box 7 on your 1099R. The 8915-E will be used for penalty relief from early retirement plan distributions and include the option to spread the distribution income over 3 years. This may be a good option if the distribution is pushing you into a higher marginal tax bracket. You may end up paying less tax if you spread the distribution over the 3 years. After you have logged in and are in your return in TurboTax Online:

Go to Search at the top of the screen.
Enter Form 1099-R in the search box.
You will see a Jump To function that will take you to the 1099-R input screens.
There delete the 1099R in question by clicking on the trash can next to the form
Then add a new 1099R and manually enter your 1099R.

At the financial services screens, click "Change how I enter my form" then "Type it myself"

At the Uncommon Situations screen be sure to check the Covid distribution box.