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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:

1. Open (continue) your return if you don't already have it open
2. 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 Review your 1099-R info screen instead, select Add Another 1099-R
4. 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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Please follow these steps after you enter your 1099-R to get the exception from the 10% penalty:

 

1. On the "Review your 1099-R info" screen click "continue"
2. Continue through the questions until "Did you use your IRA to pay for any of these expenses?" screen
3. Enter the $1,500 under "Another Reason"

 

 

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No, you need to enter the 1099-R as shown with code 1 in box 7.

 

1. After you have entered all the 1099-R info and answered some follow-up questions you get to the "Review your 1099-R info" screen (in TurboTax Desktop “Your 1099-R Entries”) where you see all your 1099-R entered listed.
2. Click "Continue"
3. You will get some follow-up questions (disaster, if you made non-deductible contributions).
4. Click "Continue" on the "Let's see if we can reduce your early withdrawal penalty"
5. On the "Did you use your IRA to pay for any of these expenses?" screen enter the $1,500 under "Another Reason"

 

Another way to get to the "Review your 1099-R info" screen (after you had entered all 1099-R):

 

1. Click on the Search box on the top and type “1099-R”
2. Click on “Jump to 1099-R”

 

 

@Saxophone47