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Retirement tax questions
This is how to report.
- Go to federal>wages and income>all income
- Retirement plans and Social Security>show more
- Ira (401K), pension plan Withdrawals(1099R) Start
- Here you will enter your 1099R. After you are done with one and reach a summary screen, there will be an opportunity to enter more 1099's.
- Here you will select the first choice
- I took out this money because of a qualified disaster (includes COVID-19)
- Scroll through the next few screens until you reach a screen that says is this a withdrawal due to COVID-19 or a Qualified Disaster Distribution?
- You will say yes, this was withdrawn due to COVID 19
- Next screen says COVID-19 distribution Here you will indicate that all or some was a COVID 19 withdrawal.
- Next will ask about your COVID related stuff. There is a checkbox that you must answer saying that you were financially impacted by COVID 19. This will waive the early withdrawal penalty.
- Then it asks if you repaid the distribution, you can say no unless you did.
- Then it asks if you want to pay the tax all the tax this year. leave the check box blank and continue.
- This will generate a 8915-E and will spread your taxable amount over a three-year period automatically.
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March 11, 2021
1:20 PM
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