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That section of the program is not yet functional and probably will not be for another 2 weeks due to IRS delays ... return later to continue the process.
You won't be able to enter your COVID-19 related 1099-R just yet. You'll need to revisit this area. The IRS instructions related to disaster distributions weren't ready in time for us to include them in this release. Please revisit this area later.
You enter the 401K withdrawal information when you enter your 1099-R into TurboTax.
The 10% additional tax on early distributions does not apply to any coronavirus-related distribution.
Your 1099-R distribution is taxed over 2020, 2021, and 2022. You’ll have that time to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions, and if you pay back the amount within that time, you’ll be able to claim a refund on those taxes.
Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.
You qualify if:
As things change, TurboTax is continually updated and able to handle every situation that arises to ensure your taxes are done right, so you’ll receive your maximum refund.
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