Did you receive any distributions from a retiremen...
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melviche0000
New Member

Did you receive any distributions from a retirement plan after 2017? What does this mean?

 
3 Replies
ThomasM125
Employee Tax Expert

Did you receive any distributions from a retirement plan after 2017? What does this mean?

A distribution from a retirement plan would be reported on a form 1099-R. A retirement plan would include an IRA , 401-K or other employer pension plan. The question is did you receive any such distribution in 2018, 2019 or 2020?

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aanorm39
Level 1

Did you receive any distributions from a retirement plan after 2017? What does this mean?

I received $990 in february 2020 I did not see where I was required to claim it as income .  What is the CARES act rule?

LinaJ2020
Employee Tax Expert

Did you receive any distributions from a retirement plan after 2017? What does this mean?

You should be receiving a Form 1099-R.  To enter 1099-R, here are the steps:

 

In TurboTax online,

  1. Sign in to your account and select Pick up where you left off
  2. From the upper right menu, select Search and type in 1099r and Enter
  3. Select the Jump to 1099r
  4. Follow prompt

This amount will shown on either line 3 or 4 of your From 1040.  If you are under age 59 1/2, the distribution from the retirement accounts is considered as an early withdrawal.  Generally, you are subject to an additional 10% penalty of your entire distribution unless you met certain criteria.  Due to the Section 2202 CARES Act, if your distribution is related the Covid-19, you will not be liable for this additional penalty.  For more information from the IRS, click here: Covid Relief.  If your distribution is not related to the Covid, you will need to pay the penalty. 

 

@aanorm39

 

 

 

 

 

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