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Retirement tax questions
TurboTax prepares Form 4852 if you mark the "I need to prepare a substitute Form 1099-R" box on the Tell Us Which 1099-R You Have page. If you decide not to submit Form 4852, you'll likely need to delete the Form 1099-R, then delete the Form 4852, then enter the Form 1099-R again.
If you enter a Form 1099-R that shows no tax withholding, TurboTax does not include the details of the Form in your e-filing. Only the amounts that need to appear on your tax return are the gross amount on Form 1040 line 15a, the taxable earnings on line 15b, the Form 5329 to calculate the 10% penalty on the earnings, the penalty appearing on Form 1040 line 59, and your explanation statement that you prepare after entering the code JP Form 1099-R.
If you don't e-file, the only potential downside to including Form 4852 is that it may increase scrutiny of your tax return, but that generally should not be a problem. With just an e-filed explanation statement, I don't know that a person would ever look at it unless they had another reason to do so. Filing Form 4852 also requires that you provide a description of your attempts to get the Form 1099-R from the payer. I take the position that the 2017 Form 1099-R is not late or missing until after February 14, 2018, so Form 4852 is not appropriate. But it's your choice, either way should be fine.
If you enter a Form 1099-R that shows no tax withholding, TurboTax does not include the details of the Form in your e-filing. Only the amounts that need to appear on your tax return are the gross amount on Form 1040 line 15a, the taxable earnings on line 15b, the Form 5329 to calculate the 10% penalty on the earnings, the penalty appearing on Form 1040 line 59, and your explanation statement that you prepare after entering the code JP Form 1099-R.
If you don't e-file, the only potential downside to including Form 4852 is that it may increase scrutiny of your tax return, but that generally should not be a problem. With just an e-filed explanation statement, I don't know that a person would ever look at it unless they had another reason to do so. Filing Form 4852 also requires that you provide a description of your attempts to get the Form 1099-R from the payer. I take the position that the 2017 Form 1099-R is not late or missing until after February 14, 2018, so Form 4852 is not appropriate. But it's your choice, either way should be fine.
‎June 3, 2019
5:27 PM