Retirement tax questions

You do know that the custodian of the account that handles your retirement account can calculate the RMD for you, right?   In many cases you can simply go on their website to see how much your RMD will need to be.   I, for instance, have funds in Vanguard, and can easily view my retirement account and see how much my next RMD needs to be.

 

When you take money out of your retirement account, you will receive a 1099R (or import it from the website) and enter the 1099R into your tax return.  The software will ask if the amount was an RMD.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**