- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
The only reason that TurboTax asks this question is to determine how much might be eligible for rollover. If you are a non-spouse beneficiary you are not permitted to roll any of the distribution over. With nothing rolled over, it doesn't matter how you answer this question being posed by TurboTax.
However, TurboTax will separately ask if the amount distributed was sufficient to satisfy any RMD. To be able to answer that question, you yourself need to determine how much was required to be distributed. Any individual who receives less than the required amount is required to file From 5329 Part IX which assesses a 50% penalty on the amount of that individual's RMD that remained unsatisfied.
March 16, 2022
1:10 PM