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Need to enter RMD payments but where how do I enter my RMD?
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Retirement tax questions
Just enter the 1099-R as written in the retirement section then complete the following screens in that section to indicate it was an RMD.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
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Retirement tax questions
RMD's were waived for 2020. But enter the 1099-R for any 2020 distribution you received here:
Federal > Wages and Income > Retirement.
(Please delete your contract # from your question, as this is a public forum.)
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Retirement tax questions
@SweetieJean wrote:
RMD's were waived for 2020. But enter the 1099-R for any 2020 distribution you received here:
Federal > Wages and Income > Retirement.
(Please delete your contract # from your question, as this is a public forum.)
@SweetieJean Note that the poster said "annuity". Not ALL RMD's were waived. That may or may not require a 2020 RMD. Ask the annuity custodian.
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Retirement tax questions
@macuser_22 Good point. I had assumed that the Annuity was a qualified one.
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Retirement tax questions
@SweetieJean wrote:
@macuser_22 Good point. I had assumed that the Annuity was a qualified one.
This is what was waived - nothing else.
This is a quote from the CARES act.
``(I) Temporary waiver of minimum required distribution.-- ``(i) In general.--The requirements of this paragraph shall not apply for calendar year 2020 to-- ``(I) a defined contribution plan which is described in this subsection or in section 403(a) or 403(b), ``(II) a defined contribution plan which is an eligible deferred compensation plan described in section 457(b) but only if such plan is maintained by an employer described in section 457(e)(1)(A), or ``(III) an individual retirement pla
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Retirement tax questions
Have 3 RMD's to enter. Where in the wages and income section do I enter them?
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Retirement tax questions
@My1petdog wrote:
Have 3 RMD's to enter. Where in the wages and income section do I enter them?
Then you received 3 Forms 1099-R? If so, you enter each 1099-R separately.
To enter, edit or delete a form 1099-R -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R