DaveF106,
Wow! I hope this works. I am in the process of trying this out. I got far enough that the question of whether I gave all or part to charity came up. However, the following question came up:
Since they're over age 70 1/2 in 2020, they may have taken a required amount of money, or required minimum distribution (RMD), out of this account, or else be subject to a 50% additional tax. The RMD needs to be withdrawn each year, and the plan administrator, banker or broker usually figures out how much money must be taken out.Because of a law change on March 27, 2020 as part of the CARES Act, required minimum distributions have been suspended for 2020 for certain accounts.
Important: If you took your RMD and later rolled it back into your account under the CARES Act, answer 'None of this withdrawal was a RMD' here. If you took your RMD as usual, go ahead and let us know below.
The entire distribution was a RMD
Only part of this distribution was a RMD
None of this withdrawal was a RMD
If I say the distribution was all or part of an RMD, then I am asked how much of my RMD was not taxable
Thanks,
Stumpified
Since I am actually 70 1/2 and not 72 1/2, I did not take an RMD. How should I answer the question above?
Thanks,
Stumpified
