In general your plan sponsor will calculate your RMD, and inform you how much you have to take out. It can also be manually calculated.
Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least age 72, you can be almost certain you received an RMD. Check with your plan sponsor if you're still not sure. It will be coded as a "7" in Box 7 of your Form 1099-R.
RMD stands for required minimum distribution. It's the minimum amount of money you're required to take out of your retirement plan once you turn 72.
If your 70th birthday is July 1, 2019 or later, you don’t have to take withdrawals until you turn 72.
You must start taking your RMD by April 1 of the first calendar year after either of these scenarios, whichever happens last:
- You turn 70½ if you were born before July 1, 1949 or you turn 72 if you were born after June 30, 1949
- You retire from employment with the employer maintaining the plan
However, the plan may require you to begin receiving distributions by April 1 of the year after you turn 72, even if you haven't retired.
If you delay the first distribution until the following April 1, you'll have two distributions that year, as the second distribution is due by December 31.
You should enter your Form 1099-R as it is shown and follow all TurboTax questions and prompts following entering it. This will enable TurboTax to properly account for you RMD.
Enter a 1099-R as follows:
Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen. Answer all prompts and follow up questions.
If you believe you did not get your RMD you should contact your plan sponsor.
Click here for information on "Retirement Plan and IRA Required Minimum Distributions" under "How is the amount of the required minimum distribution calculated?".
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