Yes, The form 1099-R is used to report distributions from retirement, profit-sharing, pension, annuities, IRA'S's, and other qualified retirement account.. The form 1099R is entered under Income and Expenses. To enter the form 1099-R:
- Click Tax Tools, Tools, and type in the search bar 1099-R.
- Click Add another 1099R, click continue.
- Click "Change how i enter my form" then continue
- In "How do you want to add your 1099-R?", click type it in myself.
- Answer the interviews, then click continue.
- Enter the 1099-R provider's info, then continue.
The distribution can be taxable or non-taxable depending on the code one line 7 of the form. The most common code used are 7 for normal distribution and code 1 for early distribution subject to 10% penalty. Under the CARES ACT Plan of 2021, the IRS waived the 10% additional tax to any coronavirus-related distribution. A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs.
