Because of the law change from the CARES Act, required minimum distributions have been suspended for 2020.
Answer the questions carefully following the initial entry. In TurboTax Online, they will appear in this order. The wording and sequence will be similar for TurboTax CD/Download:
- Is the IRA/SEP/SIMPLE box on this 1099-R checked?
- Where is your distribution from?
- What kind of retirement plan do you have? Note-a pension is a qualified plan
- Do any of these situations apply to you?
- How much of the money was a RMD? Answer None of this withdrawal was a RMD
- If you see Did you rollover all the money in Box 1 to another retirement account? Since you took a distribution, answer I did something else.
For more information, see: When to Use Tax Form 1099-R: Distributions From Pensions, Annuities, Retirement, etc. - TurboTax Tax Tips & Videos
How are my taxes affected by the coronavirus (COVID-19) pandemic?