MonikaK1
Expert Alumni

Retirement tax questions

While the IRS requires Required Minimum Distribution (RMD) amounts to be calculated starting in the year you (or your spouse) turned 70 and  ½ years old (72 for those who turned 70 1/2 in 2020 or later), an RMD amount is not identified with a code on the Form 1099-R you receive to report your distributions for the year.

 

If you are 70 and ½ and older, TurboTax will ask several questions when you are entering your 1099-R information. The purpose of these questions is to help you determine if you have met the RMD criteria so that you can avoid the IRS penalty.

 

See this TurboTax help article for more information on this topic.

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