First enter the information from the 1099-R you received. To enter your 1099-R in TurboTax, please follow these steps:
A few screens after the 1099-R entry screen, you will see Tell us if any of these uncommon situations apply. Mark the box
I took out this money because of a qualified disaster (includes COVID-19) and click Continue.
NOTE: The IRS instructions related to disaster distributions haven't yet been finalized. You can enter your 1099-R, but please revisit this area later.
The IRS has stated that tax filing season starts on February 12th, "The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits."
Does this mean that we should expect Turbotax to have this additional information for Covid related early 401k withdrawals around this time? Or will it still take time for the rules to be imported into Turbo Tax, thus extending this out even longer?
When I get to step 7.
A few screens after the 1099-R entry screen, you will see Tell us if any of these uncommon situations apply. Mark the box
I took out this money because of a qualified disaster (includes COVID-19) and click Continue.
My turbo tax deluxe doesn't have that statement "I took out this money because of a qualified disaster (includes COVID-19) and click Continue. "
Do I put it in the Red circle section?
Thanks
Jim