1099-R

dbart63 — Tue, 17 Mar 2020 21:02:05 GMT

my daughter is a college student who had a part time job that she received a 1099-R for. doing her taxes I realize that her pay is considered an early withdrawal from a retirement account and subject to early withdrawal penalties, is this correct? will this reduce the amount of her return? she made next to nothing last year.

Re: 1099-R

macuser_22 — Tue, 17 Mar 2020 21:08:54 GMT

A 1099-R reports a distribution from a retirement account. Pay from a job is reported on a W-2 or 1099-MISC.

Re: 1099-R

xmasbaby0 — Tue, 17 Mar 2020 21:11:11 GMT

How long ago did she cash out the retirement money? She could have rolled it over to another account within 60 days. If it has been more than that--and sounds like it has since this is March---then she will pay 10% early withdrawal penalty on it and ordinary income tax in her tax bracket--if she has to pay any tax for her "next to nothing" income. Same thing happened to my college student niece whose taxes I prepare--but it ended up costing her about $22 which just reduced her refund amount.

She does have to enter the 1099R though-

Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

Try using Free File for her return so she does not have to pay for filing:

Try Free File:

You qualify if your income was $36,000 or less, or $69,000 or less if active duty military, or if you qualify for Earned Income Credit

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-free-file-program

If you switch to Free File you must create a new account and new user ID.

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