TurboTax does not directly calculate your Required Minimum Distribution (RMD); instead, it helps you report it by prompting you to enter the amount from your 1099-R form after you take the distribution, which is based on the prior year's Dec 31 account balance divided by an IRS Publication 590-B life expectancy factor.
If TurboTax asks you to identify the amount of the distribution that represented an RMD, identify the RMD amount.
From an IRS FAQ page:
Generally, a RMD is calculated for each account by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that the IRS publishes in Tables in Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). Choose the life expectancy table to use based on your situation.
Joint and last survivor table II - use this table if the sole beneficiary of the account is your spouse and your spouse is more than 10 years younger than you.
- Uniform lifetime table III - use this if your spouse is not your sole beneficiary or your spouse is not more than 10 years younger
- Single life expectancy table I - use this if you are a beneficiary of an account (an inherited IRA)
- See the worksheets to calculate required minimum distributions and the FAQ below for different rules that may apply to 403(b) plans.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
