I will suggest you to remove Form 1099-R from the program. Some of the 1099-R information from 2019 got carried over to your 2020 program. Here are the steps:
In TurboTax online,
- Sign into your account, select Pick up where you left off
- Select Tax Tools, click on the drop down arrow
- Select Tools
- Under Other helpful links, choose Delete a form
- Select Delete next to Form 1099-R and Continue with My Return
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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