671745
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You will input the code exactly as you see it on your actual 1099-R. So if you only see one code there, you just select it from the first drop down next to Box 7 in the TurboTax interview. If you have two, select the second from the second drop down box there in the interview.
If there are two codes in box 7 on your 1099-R, enter the first code in the box labeled "1st code" and the second code in the box labeled "2nd code".
what if box 7 has a 1 in it but it should have a 2 in it because you took a covid withdraw?
@catmonster3 wrote:
what if box 7 has a 1 in it but it should have a 2 in it because you took a covid withdraw?
If you are under the age of 59 1/2 then the plan administrator has to record the Form 1099-R correctly with a 1 in box 7.
Once you complete entry of the Form 1099-R the program will ask if this is a Covid-19 distribution and will remove the 10% penalty if you are eligible based on your answers to the questions.
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