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Retirement tax questions
@catmonster3 wrote:
what if box 7 has a 1 in it but it should have a 2 in it because you took a covid withdraw?
If you are under the age of 59 1/2 then the plan administrator has to record the Form 1099-R correctly with a 1 in box 7.
Once you complete entry of the Form 1099-R the program will ask if this is a Covid-19 distribution and will remove the 10% penalty if you are eligible based on your answers to the questions.
March 6, 2021
8:20 AM