When will the retirement income section be updated ? I need to know the tax implications of an IRA withdrawal for this year.

Level 15

Dec 15, 2020 11:30:24 AM

The IRS is drafting new 1099R forms. Then the software has to be programmed for them, and the IRS has to test and approve of the software. It is a complex process because of the all the CARES changes. It could even be a couple of months. Meanwhile if you are trying to plan, if you have desktop for 2019 use the what if feature--but it will not have that CARES stuff.

Click on the REVIEW tab to see what it is and when it is estimated to be ready (when operational) ...

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

Level 15

Dec 15, 2020 3:07:17 PM

as suggested by someone earlier, if you are doing a regular distribution, make up a dummy W-2 with that amount and you will see the tax impact.

If you are doing a COVID distribution, divide the amount by three.

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When will the retirement income section be updated ? I need to know the tax implications of an IRA withdrawal for this year.