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A 2020 1099-R shows a distribution (Code 7, X). It was all distributed as QCDs. Do I answer YES or No to the question TurboTax Premier asks of whether this was an RMD?
This question is being asked in light of the CARES Act which eliminated the need to take RMD in 2020.
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March 12, 2021
12:45 PM
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Retirement tax questions
Under these circumstances, it doesn't matter how you answer this question. The answer that you provide to this question is only used by TurboTax to determine how much is eligible for rollover and you rolled none of it over.
Technically, none of this distribution was RMD because RMDs for 2020 were waived by the CARES Act.
March 12, 2021
2:07 PM
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Retirement tax questions
Thanks for the quick response!
I actually tried it both ways and the result was the same, so it didn't seem to matter. I hadn't considered the rollover aspect.
March 13, 2021
4:53 AM