@Claire446 wrote:
I just finished up my 2020 tax return on Turbotax. It was very confusing to me because I didn't know the RMD requirement had been cancelled for the year and it was going to be my first year doing RMD so I really didn't understand the whole thing. I finally figured out that it didn't matter what I said about what was RMD and what wasn't since the whole thing was cancelled, but now I want to make notes so I'll know what I'm doing next year (2021 tax year) when RMD will be required.
I have a university monthly fixed pension and a TIAACREF fixed lifetime annuity that are both paid monthly. What I understand is that both of these do qualify as RMD in the whole annual? amount and I'll therefore answer "The entire distribution was an RMD"?
I also have a Fidelity IRA account that tells me what my RMD will be for the year...a certain % of the last year's balance. So If I withdraw more than the RMD from the Fidelity account next year, I'll say "Only part of this distribution was an RMD"?
Thank you.
There was NO RMD for a IRA in 2020 so for the IRA distribution answer that none this distribution was a RMD.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
