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wetfart21
New Member

How do i file my taxes with you guys with a 1099 form cares act 401k withdrawal and the 10% has been withheld!

Also i haven't received my w2 from my old company and get anyone to return my calls or e-mail
4 Replies
macuser_22
Level 15

How do i file my taxes with you guys with a 1099 form cares act 401k withdrawal and the 10% has been withheld!

A cared act distribution is reported on a 1099-R form and a 8915-E form.

 

8915-E should be available on Feb. 24.

See below for a link to sign up for an email when the form is ready.

This form is necessary to report COVID related distributions from IRA's and other retirement plans to report the distribution, pay it back over 3 years or spread the tax over 3 years.

A COVID-19 related distribution is reported on a new 8915-E form.

See this TurboTax FAQ to sign up for an e-mail when the form is ready.
https://ttlc.intuit.com/community/tax-topics/help/why-am-i-getting-getting-a-10-penalty-on-my-1099-r...

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
SweetieJean
Level 15

How do i file my taxes with you guys with a 1099 form cares act 401k withdrawal and the 10% has been withheld!

TT does not get a copy of your W-2, so keep trying with the employer.  If it's a large company, you might be able to log onto their website and pull it there.

crystal barker
New Member

How do i file my taxes with you guys with a 1099 form cares act 401k withdrawal and the 10% has been withheld!

Please email me when this for is ready with turbo tax  I can complete my taxes.

 

Thank you

Crystal Barker

[email address removed]

 

SamS1
Expert Alumni

How do i file my taxes with you guys with a 1099 form cares act 401k withdrawal and the 10% has been withheld!

This section of TurboTax is ready.  If this was a Covid related distribution, you will not have the 10% penalty to pay.  The 8915-E will be used for penalty relief from early retirement plan distributions and include the option to spread the distribution income over 3 years.  This may be a good option if the distribution is pushing you into a higher marginal tax bracket.  You may end up paying less tax if you spread the distribution over the 3 years.

 

You may need to delete the 1099R and re-enter it.  In the Uncommon Situations screen, make sure and indicate this is a Covid distribution.  This is the screen directly after you enter your 1099R.

 

 To delete your 1099R and re-enter, after you have logged in and are in your return in TurboTax Online:

 

  • Go to Search at the top of the screen.
  • Enter Form 1099-R in the search box. 
  • You will see a Jump To function that will take you to the 1099-R input screens. 
  • Delete the 1099R in question by clicking on the trash can next to the form
  • Then add a new 1099R and manually enter your 1099R.

At the financial services screens, click "Change how I enter my form" then "Type it myself"

 

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