Yes, you may have to delete and re-enter the forms to correct the error. You have to enter both 1099-R, one with code 7 or 1 and the other 1099-R should have a code G for rollover. First, delete both forms:
- In Turbo Tax Home Screen, click Tax Tools, then Tools,
- Under Tools Center, scroll down and click delete a form.
- Under Review form list, scroll down and delete both 1099-R
To add 1099-R:
- Go back to Tools, and type in the search bar 1099-R.
- Click Add another 1099R, click continue.
- Click "Change how i enter my form" then continue
- In "How do you want to add your 1099-R?", click type it in myselt.
- Answer the interviews, then click continue.
- Enter the 1099-R provider's info, then continue.
- On the question, "Do any of the situation apply to you?", select "I took money due to the impact of Covid-19".
- Answer Yes "Did you rollover the gross amount to another retirement account?".
The CARES Act allows qualified individuals impacted by the coronavirus pandemic to pay back funds withdrawn from a qualified retirement plan over a three-year period, and without having the amount recognized as income for tax purposes.
