Retirement tax questions

When you get the message that says ''you don't owe EXTRA tax'', that is referring to the Early Withdrawal Penalty of 10%.   Ordinary income tax is still due on covid-related distributions.  Although the penalty 'extra' tax is waived, you have to choose to pay the ordinary income tax either on your 2020 tax return or you can spread it over three years (2020-2022).   If you elect to spread it, you only pay tax on one-third of the net distribution.   

Covid-Related distributions  

Every version of TurboTax allows the entry of Form 1099-R.   @asp2   

 Here's how to enter your 1099-R in TurboTax:

1. Open (continue) return if you don't already have it open.
2. Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
3. Answer Yes on the Did you get a 1099-R? screen.
   • If you land on the Your 1099-R Entries screen instead, select Add Another 1099-R.
4. Select which option matches your form and Continue.
5. You can import your form directly from your financial institution by searching or selecting yours from one of the options on the screen. You'll be prompted to enter your financial institution account information, and TurboTax will directly import your forms.
   • If you prefer to type it in yourself, select Change how I enter my form and continue through.

You can add up to 20 1099-Rs.

@yaomingd65    After you enter the 1099-R, you will be asked a series of follow-up questions that must be answered before the refund meter will be updated.