Took only part of RMD in 2020.

petertr · ‎February 4, 2021

I only took part of my RMD in 2020 because of Cares Act. How do I report this? On the discussion board, Dawn C says "Since RMDs were waived for 2020, no part of the distribution was actually an RMD even though it was taken with the intention of satisfying an RMD. In TurboTax, indicate that the distribution was not an RMD."

But in TT, "If you still took your RMD, let us know".

Do I check "Yes, Some or all of this was an RMd"

or

"No, None of this withdrawal was an RMD"

SamS1 · ‎February 4, 2021

Since RMD requirement is waived for 2020, I would indicate None was RMD. It does not effect the taxability of the distribution. The "Let Us Know" relates to your state return and if there was a RMD requirement on your state tax return.

Because of a law change on March 27, 2020 as part of the CARES act, required minimum distributions have been suspended for 2020. This applies only to your Federal tax return, the rules in your state may vary.

Therefore, if you live in a state that did not couple with the Cares Act and would still requires RMD, then you would want to include your distribution. I could not find this in any state.

petertr · ‎February 4, 2021

great!! thanks!!

Took only part of RMD in 2020.

Retirement tax questions

Retirement tax questions