1099R and Covid

[Looney1966]

I took a 401K withdrawal in the amount of $100,000 in 2020.  The code on the 1099-R is a 1.  I was told that I do not have to pay the penalty on it and that I can pay  the tax over 3 years.  What do I need to do to do that?

[macuser_22]

Enter the 1099-R and answer yes that it was a COVID related distribution and answer the rest of the questions.

[DoninGA]

Enter the Form 1099-R that you received.  Then answer the follow-up questions and indicate the distribution was due to Covid-19.  If you are eligible the program will remove the 10% early distribution penalty and offer you the option to either have the distribution entered in its entirety on the 2020 federal tax return or to have the distribution split into 1/3 over three years.

Enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R