Question

Last year I withdrew money through the Coronavirus Related Distribution (CRD), since I already paid taxes on it when I withdrew, do I still need to claim it since I received a 1099-R? Also if I’m

Forum|Forum|5 years ago
January 27, 2021
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TurboTax Deluxe Online

You did not already pay taxes on the distribution, you had taxes withheld just like you do on a paycheck. You must enter the 1099r on your tax return, failure to do so will get you an IRS letter in a year or two which you don't want. When you enter the 1099-r the amount withheld is added to your other withholdings in the payment section of the form 1040. When the distribution is added to your other income the amount withheld may or may not be enough to cover the taxes incurred.