I have the same question. In my case, it says "Congratulations you don't have to pay extra tax", but the amount of tax I owe went up. I am using turbotax premier. It feels the software is buggy.
I found out that the contribution to traditional IRA has not been entered, that's why tax went up for me, after I enter the traditional IRA contribution, it gets fixed. The problem is that traditional IRA is in later steps after 1099-R.
All versions have 1099R. Even the Free Edition.
The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.
Enter a 1099R under
Federal Taxes Tab or Personal (Home & Business)
Wages & Income at the top
Then scroll way down to Retirement Plans and Social Security,
Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit
If you are filing a Joint return be sure to pick which person it is for.
Don't enter the bank or broker name and don't try to import it. It is just as fast and easy to manually enter it. At the bottom pick - Change How I enter my Form
Then on the next screen pick I'll Type it in Myself
When you get the message that says ''you don't owe EXTRA tax'', that is referring to the Early Withdrawal Penalty of 10%. Ordinary income tax is still due on covid-related distributions. Although the penalty 'extra' tax is waived, you have to choose to pay the ordinary income tax either on your 2020 tax return or you can spread it over three years (2020-2022). If you elect to spread it, you only pay tax on one-third of the net distribution.
Every version of TurboTax allows the entry of Form 1099-R. @asp2
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.
- You can import your form directly from your financial institution by searching or selecting yours from one of the options on the screen. You'll be prompted to enter your financial institution account information, and TurboTax will directly import your forms.
- If you prefer to type it in yourself, select Change how I enter my form and continue through.
You can add up to 20 1099-Rs.
@yaomingd65 After you enter the 1099-R, you will be asked a series of follow-up questions that must be answered before the refund meter will be updated.
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Well it’s too late for me. I filed as if my 1099R was a W2 form putting my gross on line 1 and it should have went on line 5a now it’s been under further review since April 12 and I finally found this out after months of trying to get help even through tax audit through deluxe and they had no clue
Fed taxable amt. box 2a
State 7boxes 16 thru 19 are zero.
TT asks Discription- Subtract- addition
Not sure how to enter.
Do not enter anything in boxes 17 thru 19 if you do not pay local income taxes, leave all boxes blank (empty)
Do not enter anything in boxes 14 thru 16 if there are no state taxes withheld in box 14.