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

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

moosebk2002 — Tue, 15 Dec 2020 19:29:16 GMT

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

xmasbaby0 — Tue, 15 Dec 2020 19:30:24 GMT

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) ...

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

fanfare — Tue, 15 Dec 2020 23:07:17 GMT

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.