Yes, you may amend your 2020 return to reclaim the 10% penalty amount.
- Log into Turbo Tax
- When you get to your landing page, scroll down to the bottom and select Your tax return and documents
- Select 2020 and then select change amend return
- When your amendment section happens, you may see an instant refund of your 10% penalty. If not:
- Go to federal>income and expenses>IRA, 401(k), Pension Plan Withdrawals (1099-R)>revisit
- Edit the 1099-R where you took the COVID distribution from'
- As you edit, just make sure you address all the COVID questions correctly so you can reclaim that penalty amount
- If you have issue, call tax support at 1-800-446-8848 and they can guide you through the system by looking at your screen. They can also help pinpoint any issues you may in reclaiming your 10% penalty.
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