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Retirement tax questions
@pjbgolf wrote:
Are you sure about saying there were no 2020 RMD’s ? I believe the option was to not take the RMD but if you actually did take it it’s still considered RMD and is taxable I believe.
what I still don’t understand is if someone did take their full RMD and tells TT that it was repaid when it wasn’t how does the IRS know it wasn’t repaid.
NO distribution taken in 2020 was a RMD. You could not take a RMD if you wanted to. Of course you can always take a IRA distribution and it will be taxable but the IRA custodian is prevented by law (the CARES act) form reporting or counting it as a RMD.
SeeL
**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.**
January 23, 2021
7:18 PM