- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
AMShep, because your spouse would have reached age 70.5 in 2016, RMDs as spouse sole beneficiary were required to begin by you in 2016 unless you assumed ownership of the IRA. If for any year a a sole spouse beneficiary fails to take the full amount of RMD required as beneficiary, the inherited IRA automatically defaults to owned status for that year and beyond. However, unless you inform the IRA custodian of this change to owned status and have the account titling changed to reflect that, the custodian will be unable to provide Forms 1099-R coded correctly.
There is no real difference between reporting an RMD and any other distribution. TurboTax only asks the amount that was RMD to be sure that you can only report the roll over or Roth conversion of an amount that is in excess of the RMD. TurboTax separately asks if you completed your RMD to be able to prepare Form 5329 if you did not.