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jimpace52
New Member

Turbotax premier 2020 will not allow entry of retirement income

 
2 Replies
DoninGA
Level 15

Turbotax premier 2020 will not allow entry of retirement income

The IRS has not finalized the retirement income information for CARES withdrawals.  TurboTax can only wait for the IRS.

If you are using the TurboTax desktop editions you can go Forms.  In Forms mode select Open Form and type in 1099-R.  Open the form and enter your retirement  income based on the 1099-R you received from your retirement account.

macuser_22
Level 15

Turbotax premier 2020 will not allow entry of retirement income

That is because some of the necessary forms for the retirement interview are still being developed by the IRS and are still in the draft state.   Once the IRS releases the paper forms it usually takes them 1-2 months to issue the electronic specifications for those forms so they can be added to tax software, then that tax software must be submitted to the IRS for approval before it can be released to the public.    Tax software companies have all kinds of IRS regulations that they must follow to be a electronic tax provider.

 

If you have the desktop version then you can switch to the forms mode and enter 1099-R data directly on the form for an estimate, but it will not contain any of the new forms data that do not exist yet.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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