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Level 2
January 23, 2022
Question

Can I use the free edition if I received a 1099-R this year?

  • January 23, 2022
  • 3 replies
  • 26 views

Can I use the free edition if I received a 1099-R (no penalty for early withdrawal) for tax year 2021?

    3 replies

    Level 15
    January 23, 2022

    Directly below the words “Free Edition” there is a blue link that says “For simple tax returns only”   If you click that link it brings up this information:

     

     

    You can file with TurboTax Free Edition if you have a simple tax return.*

    *A simple tax return is Form 1040 only.

    Situations covered in TurboTax Free Edition include:

    • W-2 income
    • Limited interest and dividend income reported on a 1099-INT or 1099-DIV
    • Claiming the standard deduction
    • Earned Income Tax Credit (EIC)
    • Child tax credits
    • Student Loan Interest deduction

    Situations not covered in TurboTax Free Edition include:

    • Itemized deductions
    • Unemployment income reported on a 1099-G
    • Business or 1099-NEC income
    • Stock sales
    • Rental property income
    • Credits, deductions and income reported on schedules 1-3

     

    How does TurboTax make any money?

    Customers with more complex tax situations will file with our paid TurboTax products that provide all the additional forms and guidance they need. We also offer additional benefits that go beyond filing your taxes, but they are optional and are not required to file simple taxes for free. We hope that, over time, as our customers with simple returns need more capabilities as their financial situations change (for example owning a home, having a child, managing investments), they have loved our products and services so much that they will choose our paid TurboTax offerings to prepare and file their returns.

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    Level 2
    January 23, 2022

    Yes I saw this info. But there are others that indicate this is possible.

    How do I get the authoritative answer?

    DoninGA
    Level 15
    Level 15
    January 23, 2022

    Yes, the TurboTax Free online edition supports entry of a Form 1099-R.

    Level 2
    January 23, 2022

    Hmmmm One of you experts says yes and the other says no.... Which is it?

    DoninGA
    Level 15
    Level 15
    January 23, 2022

    @jim-kozelka wrote:

    Hmmmm One of you experts says yes and the other says no.... Which is it?


    Go to this TurboTax website for the forms supported by the Free online edition - https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp#tax-forms

    Level 2
    March 6, 2022

    …so the answer is a no then?

    DoninGA
    Level 15
    Level 15
    March 6, 2022

    @EmoBrianEno wrote:

    …so the answer is a no then?


    Yes, you can use a Form 1099-R with the TurboTax Free online edition, provided the withdrawal is not subject to the 10% early withdrawal penalty.