You'll get a 1099-R if you received $10 or more from a retirement plan. Here's how to enter your 1099-R in TurboTax:
- Open (continue) return if you don't already have it open.
- Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
- Answer Yes on the Did you get a 1099-R? screen.
- If you land on the Your 1099-R Entries screen instead, select Add Another 1099-R.
- Select which option matches your form and Continue.
If you have already filed a tax return for 2020, you will need to file an amended tax return to add the 1099-R. The amendment (Form 1040X) will be later this month.
If you took money out of retirement for reasons related to COVID-19, you won’t pay a penalty and you can spread out the taxes over 3 years, with an option to pay back what you took out. Learn more.
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