To find your Required Minimum Distribution (RMD), follow these steps:
TurboTax:
- Enter your 1099-R: TurboTax will ask for the RMD amount from each retirement account. Enter the amount shown in Box 1 of your 1099-R - see steps here.
- Missed RMD: If you missed taking your RMD, TurboTax can help you request a waiver.
IRS:
- Calculate RMD: Use the IRS worksheets to calculate your RMD based on your account balance and age.
- RMD Rules: Review the IRS guidelines for RMDs, including deadlines and exceptions.
For more details, check out these links:
