If I had a retirement account from an old job and cashed out that account, does it do anything to my tax return?

If you take money out from your old retirement account like a 401k, you will likely need to pay taxes on it.  You should be receiving a Form 1099-R from your company or fidelity who manages your retirement account. If you are under age 59 1/2, the distribution from the 401K is considered as an early withdrawal.  Generally, you are subject to an additional 10% penalty of your entire distribution unless you met certain criteria.  Due to the Section 2202 CARES Act, if your distribution is related the Covid-19, you will not be liable for this additional penalty.  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. 

To enter a Form 1099-R in the program, here are the steps:

In TurboTax online,

1. Sign in to your account and select Pick up where you left off
2. From the upper right menu, select Search and type in 1099r and Enter
3. Select the Jump to 1099r
4. Follow prompts