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A distribution from a retirement plan would be reported on a form 1099-R. A retirement plan would include an IRA , 401-K or other employer pension plan. The question is did you receive any such distribution in 2018, 2019 or 2020?
I received $990 in february 2020 I did not see where I was required to claim it as income . What is the CARES act rule?
You should be receiving a Form 1099-R. To enter 1099-R, here are the steps:
In TurboTax online,
This amount will shown on either line 3 or 4 of your From 1040. If you are under age 59 1/2, the distribution from the retirement accounts is considered as an early withdrawal. Generally, you are subject to an additional 10% penalty of your entire distribution unless you met certain criteria. Due to the Section 2202 CARES Act, if your distribution is related the Covid-19, you will not be liable for this additional penalty. For more information from the IRS, click here: Covid Relief. If your distribution is not related to the Covid, you will need to pay the penalty.
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