You'll get a 1099-R if you received $10 or more from a retirement plan. You can add up to 20 1099-Rs in TurboTax.
Here's how to enter your 1099-R:
- Open (continue) your return if you don't already have it open
- Search for 1099-R and select the Jump to link in the search results
- Answer Yes on the Did you get a 1099-R? screen
- If you land on the Review your 1099-R info screen instead, select Add Another 1099-R
- Answer any questions until you get to the import screen. You'll be prompted to enter your financial institution account info 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
Major Provisions of the SECURE Act
The SECURE Act tweaked a number of rules related to tax-advantaged retirement accounts. Here's what it does in relation to having a child.
- Permits penalty-free withdrawals of $5,000 from 401(k) accounts to defray the costs of having or adopting a child.
Use this link for more info on The Secure Act: The Secure Act
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