I need to show to a management co. WHERE on my 1040 for 2017 is entered my RMD? I know it's there because the person doing my tax return did enter it but I don't see it and the person isn't available. It would help me a lot if I knew exactly on which line of the 1040 it's always being entered. Thanks ever so much!
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Actually, you DO NOT report your RMD, per se. Nothing about a RMD actually goes on a tax return, except a penalty for not taking it if it is required.
TTax asks the questions to ensure that you are taking a distribution (after reaching 70 1/2) and help you determine if that distribution does in fact meet the RMD.
The IRS requires RMD amounts to be calculated starting in the year you (or your spouse) become 70 1/2.
Again, you do not actually show an RMD amount on your return.
When you accurately enter your 1099-R, TTax will present you with several screens pertaining to the RMD, and will ask a series of convoluted questions if your are 70 1/2 or older. The purpose of these questions is simply to help you determine IF you have met the RMD criteria so that you can avoid the IRS penalty.
The IRS does not care if you take the RMD from each 1099-R account or if you take it all from one of your 1099-R accounts.
TTax does not report any of the RMD information to the IRS. You do not actually show an RMD amount on your return.
The Financial Institution or plan Administrator of your 1099-R accounts must report the year end Fair Market Value to the IRS, and should also report the FMV to you as well.
It is up to you to determine what your total RMD amount is for all of your 1099-R accounts. Then you need to determine if any distribution(s) that you take (or would normally take) each year is equal to or greater than the total of your RMDs.
An RMD amount is not required to be taken from each/every account --as long as the total of all distributions from all account distributions taken, is equal to or greater than the RMD you don't have to take an RMD from any given account. Just say no distribution was taken.
TTax only presents the RMD questions to ensure that you are aware of the requirement to withdraw the RMD.
The simple answer is that RMD DOES apply to pensions, defined benefit plans, (qualified) pensions, and qualified retirement plans (per IRS regulations). However, not to worry. Your annual pension amount is always greater than what the RMD would be, so simply answer yes. The requirement (for RMD) is not a new IRS requirement; however in 2012 TTax started asking these questions.
Some additional reading:
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics---Required-Minimum-....
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Required-Minimum-Distribution-Workshe....
http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions#2
"The RMD rules apply to all employer sponsored retirement plans"
You did not roll the money over ..... You did something other than roll it over.
(Please note that the links may 'appear' to be truncated, however they will
work if you hover your mouse over the link you will see the full link.)
https://ttlc.intuit.com/questions/1901335-is-this-an-rmd
Actually, you DO NOT report your RMD, per se. Nothing about a RMD actually goes on a tax return, except a penalty for not taking it if it is required.
TTax asks the questions to ensure that you are taking a distribution (after reaching 70 1/2) and help you determine if that distribution does in fact meet the RMD.
The IRS requires RMD amounts to be calculated starting in the year you (or your spouse) become 70 1/2.
Again, you do not actually show an RMD amount on your return.
When you accurately enter your 1099-R, TTax will present you with several screens pertaining to the RMD, and will ask a series of convoluted questions if your are 70 1/2 or older. The purpose of these questions is simply to help you determine IF you have met the RMD criteria so that you can avoid the IRS penalty.
The IRS does not care if you take the RMD from each 1099-R account or if you take it all from one of your 1099-R accounts.
TTax does not report any of the RMD information to the IRS. You do not actually show an RMD amount on your return.
The Financial Institution or plan Administrator of your 1099-R accounts must report the year end Fair Market Value to the IRS, and should also report the FMV to you as well.
It is up to you to determine what your total RMD amount is for all of your 1099-R accounts. Then you need to determine if any distribution(s) that you take (or would normally take) each year is equal to or greater than the total of your RMDs.
An RMD amount is not required to be taken from each/every account --as long as the total of all distributions from all account distributions taken, is equal to or greater than the RMD you don't have to take an RMD from any given account. Just say no distribution was taken.
TTax only presents the RMD questions to ensure that you are aware of the requirement to withdraw the RMD.
The simple answer is that RMD DOES apply to pensions, defined benefit plans, (qualified) pensions, and qualified retirement plans (per IRS regulations). However, not to worry. Your annual pension amount is always greater than what the RMD would be, so simply answer yes. The requirement (for RMD) is not a new IRS requirement; however in 2012 TTax started asking these questions.
Some additional reading:
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics---Required-Minimum-....
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Required-Minimum-Distribution-Workshe....
http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions#2
"The RMD rules apply to all employer sponsored retirement plans"
You did not roll the money over ..... You did something other than roll it over.
(Please note that the links may 'appear' to be truncated, however they will
work if you hover your mouse over the link you will see the full link.)
https://ttlc.intuit.com/questions/1901335-is-this-an-rmd
I am concerned about reporting of my RMDs on my returns? line 4a has IRAs please clarify this for me?
For a 2018 tax return, substitute the line number 4 for any references above to lines 11, 12, 15 or 16. The comments above regarding lines 15a/b and 16a/b of Form 1040 and 11a/b and 12a/b of Form 1040 are referring to these forms for years prior to 2018. The 2018 Form 1040 combines these on line 4a/b, so lines 4a and 4b are where any retirement account distributions must appear on a 2018 Form 1040.
@jackbatt - This thread is several years old. it has a 2019 date because it was moved from the old Answer Exchange to this forum in June of 2019 so it has the date of migration, not the actual posting date. That is confusing.
The 2018 1040 form has changed and all of the line numbers are different now. For 2018 IRA's appear in the 1040 line 4a and 4b. Most Traditional IRA distributions will be fully taxable so the taxable amount (from the 1099-R box 2a) will be on the 1040 line 4b. If the distribution is fully taxable then line 4a will probably be blank.
I need a tax return 2017.
@myning87 Gee and you posted your question to a completely unrelated thread.
Access to prior year returns
https://ttlc.intuit.com/questions/3404575-how-do-i-access-my-prior-year-2017-return
You can get a free transcript from the IRS:
https://www.irs.gov/individuals/get-transcript
How do I get a copy of a return I filed using online TurboTax?
https://ttlc.intuit.com/questions/1900748
How do I get a copy of a return I prepared using desktop TurboTax?
https://ttlc.intuit.com/questions/1900639
Note: Every year, before mid-October, print a copy of your current year tax return and save it as a tax file and pdf, too. That way you will have it when you need it for school, a loan, next year’s tax return, etc. without going through a lot of aggravation (and expense) to get it.
https://ttlc.intuit.com/questions/1912544-how-do-i-save-my-2018-turbotax-online-return-as-a-pdf
This makes sense, to a point. In my case we have an inherited IRA which was rolled over to the spouse. The 2019 1099-R shows the gross & taxable portion as the same amount, with taxable amount undetermined box checked. The tax withheld on the RMD amount is also on the form.
In Turbotax I entered the 1099-R exactly as received and indicated that only a portion of the gross was actually rolled over (the remainder being the RMD).
Later, Turbotax asked about the RMD and I entered the value.
On the 1040, line 4a contains the gross distribution and 4b shows "ROLLOVER" but no numeric value for the taxable amount.
The problem is I can't see where the RMD is showing as taxable income. As a result, the entire amount of tax withheld is being refunded. This doesn't seem right. I cannot find a way to get the taxable RMD amount to show on 4b.
bts, what is the code in box 7 of the Form 1099-R provided by the payer?
Is the IRA/SEP/SIMPLE box marked?
TurboTax sometimes has difficulty handling a partial spousal rollover of a distribution reported on a single Form 1099-R and you might need to split the form into two, one for the portion rolled over and another for the portion not rolled over.
Sorry, yes, Box 7 code is 4, "death," and the IRA box is checked. That's all well and good for the rollover bit but getting the RMD to show as taxable income is an issue.
I started creating a substitute 1099-R, and perhaps that's the way to go? It would allow me to split out the RMD so it looks more like normal distribution (gross = taxable) instead of being buried in the rollover. The taxes withheld would still come from the original 1099 since that part is working OK.
Unless I come up with a better/different approach I may go ahead and give that a try. The substitute form will require another form to provide an explanation so I could detail why it's being done.
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