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.