If you have answered as the posters have guided you, then you have indicated correctly that no penalty for failing to withdraw RMD will be applied to your return.
If you had not indicated properly, you would have been guided to an interview to explain the RMD shortage and give you the opportunity to correct it and even get a waiver from the IRS. You would actually have to enter the amount of your RMD and the amount of your distribution showing the amount of shortage. There would be no doubt that you did not take the proper RMD.
For 2020 since there is no RMD there will not be a penalty imposed.
You can verify by looking at the forms for your return. Line 23 will have a tax penalty of 50% of any amount if RMD that you did not take that you had to take.
- Click "Tax Tools" in the left hand menu
- Click "Tools"
- Click "View Tax Summary"
- Click "Preview My 1040" in the left hand menu
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