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A Form 1099-R is issued to the taxpayer if he or she has taken out distribution from their retirement plan including IRA. If you are under age 59 1/2, the distribution from the retirement plan is considered as an early withdrawal. Generally, you will pay a regular tax along with an additional 10% penalty of your entire distribution unless you met certain criteria. Due to the Section 2202 CARES Act, if your retirement plan distribution is related the Covid-19, you will not be liable for this additional penalty. You only need to pay the regular tax like your wages and other income. 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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