@mditty4193 wrote:
There is an additional issue within TurboTax with regard to the penalty tax.
I was given the option to select that I am declaring the Covid Disaster, which reduced my taxable amount; however, I am still getting an error message:
"Form 1 Penalties on IRA We're still working on updates related to penalties on IRAS, retirement plans, MSA distributions (Form 1099-R) that qualify for disaster or covid relief. You can keep working on your return, and we'll remove this message when it is ready."
It is currently charging .33 on 10% of the withdrawl taken. ($30,000 withdrawl times 10% times .33 = $990 penalty.)
When will this be fixed, and ready for me to file my taxes?
This thread and question was about a 2019 tax return and it a year old.
The 2020 Federal tax return for COVID distribution is complete but some states still need need more work.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
