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Where do I enter Required Minimum Distribution?

I have a statement for Fair Market Value and Required Minimum Distribution from my IRA. Where do I enter this amount? Does anyone know? This isn't on a form with a number, just a statement.

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9 Replies

Where do I enter Required Minimum Distribution?

In the interview questions and entering Form 1099-R, if you took a distribution, TT should ask additional questions, such as what did you do with the proceeds, rollover, do something else.  Since there is a required minimum distribution, you would answer that you did something else with the funds.

 

Another question should come up and ask if this was a RMD and what the amount of the RMD was.  That is where you enter the RMD amount.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
sidecar
New Member

Where do I enter Required Minimum Distribution?

My Turbo Tax does not ask any questions regarding RMD amount ? 

BillM223
Expert Alumni

Where do I enter Required Minimum Distribution?

TurboTax asks the questions about the Required Minimum Distribution, as LudwigVan_fan points out, in the 1099-R interview, but only if you turned 70 1/2 prior to the end of the tax year (December 31, 2019 in this case).

 

If you are not yet 70 1/2 then you are required to take RMDs so TurboTax doesn't ask you the questions.

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Where do I enter Required Minimum Distribution?

You stated: 

 

If you are not yet 70 1/2 then you are required to take RMDs so TurboTax doesn't ask you the questions.

 

There are instances when you are not yet 70 1/2 and still have to take an RMD...being the beneficiary of an IRA where the decedent had been taking RMDs. 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

Where do I enter Required Minimum Distribution?

When the Turbotax program has a glitch like this, they should just admit it and fix it, or at least provide a workaround. None of their responses have answered the question. I will try to ask it by using real life situation an example.
My self directed retirement plan authorized a deduction in 2019 because I turned 70 that year.  I took the distribution, but no 1099 R was issued by the Brokerage. i need to let the IRS know that i took this distribution from my retirement plan, and yet there is no place in the program to input this figure. The penalty is 50% of the amount of the required minimum distribution. The guy asked the same simple question that I have. 

WHERE DO I ENTER THE REQUIRED MINIMUM DISTRIBUTION??? 
i don't know where to put the amount of the distribution either, but If I am audited because this distribution wasn't reported in the correct space, and Turbotax doesn't have a place to properly report the income, and won't provide a solution to the problem, I will be very happy that I purchased their Audit protection insurance. 

 

Where do I enter Required Minimum Distribution?

But you neglect to consider that there is no obvious place to enter an amount if you are ABLE to take a distribution after 70 and did so, although you were not REQUIRED to do so.

 

Where do I enter Required Minimum Distribution?

I think you should have said "If you are not yet 70 1/2 you are NOT required to make a withdrawal."  

Grp
New Member

Where do I enter Required Minimum Distribution?

I cannot find on turbo tax where to enter my required distribution for my IRA. I have not been able to get an answer. Please help!!

 

DaveF1006
Expert Alumni

Where do I enter Required Minimum Distribution?

@Grp Your required minimum distribution (RMD) is created automatically when you enter a 1099R reporting the distribution. After you enter the 1099R, there will be follow up questions that asks about the distribution, with the RMD being one of these questions. To report the 1099R:

  1. Go to federal>wages and income>all income
  2. Retirement plans and Social Security>show more 
  3. Ira (401K), pension plan Withdrawals(1099R) Start
  4. Navigate through this entire section. Once you entered the 1099R and reach a summary page, do not stop but press continue at the bottom of the screen. Once there, there will be more questions to answer with questions pertaining to your RMD.

 

 

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