RMD withdrawal

3 replies
53 views

The Federal Government announced that we didn't have to take our RMD in 2020 because of COVID. I had already taken out part of my RMD and didn't take the rest (full amount). As I do Turbo Tax it has me fill in the full RMD amount announced for 2020 and then show what I had paid. It sounds like I will be penalized 50% of what I didn't take. Please advise why Turbo tax doesn't say it is ok because of the COVID announcement.

DanaB27Answer

Employee Tax Expert

Yes, RMDs were waived for 2020. Please select "none" was RMD and "you were not required to take RMD" during the 1099-R section interview.

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

DanaB27

Answer

Employee Tax Expert

Yes, RMDs were waived for 2020. Please select "none" was RMD and "you were not required to take RMD" during the 1099-R section interview.

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

WhitepAuthor

Level 2

Thanks

Bsch4477

Level 15

Since there was no RMD for 2020 do this. First delete the 1099-R you were working on. Then answer “no” when you are asked if it was RMD and follow the prompts.