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How can I input 1099-Rs in TT Premier 2020, when TT says that area isn't finished yet?

TT says IRS hasn't finished the Pensions and IRA sections yet.
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1 Reply
LinaJ2020
Expert Alumni

How can I input 1099-Rs in TT Premier 2020, when TT says that area isn't finished yet?

As of today, the form has been released.  

 

To enter your Form 1099-R in the program, follow here:

 

In TurboTax online,

  • Sign in to your account and select Pick up where you left off
  • From the upper right menu, select Search and type in 1099r and Enter
  • Select the Jump to 1099r
  • Follow prompts

 

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. 

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