MarilynG1
Expert Alumni

Retirement tax questions

@rosesinny Yes, this has been updated in TurboTax.

 

The CARES Act allowed taxpayers to skip their 2020 required minimum distributions (RMDs). These distributions are typically taxed as ordinary income, so postponing your retirement account withdrawals until 2021 could reduce your 2020 tax bill.


You may want to Delete your 1099-R and re-enter it.

 

If you are using the desktop product, make sure it is fully updated.

 

Click this link for more info on How to Enter 1099-R.

 

This article has more info on 2020 Tax Relief.

 

 

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