RMDs

Bruce71 · ‎April 3, 2020

I turned 70 and 1/2 in Nov 2019. I took RMDs as required. Now I understand that I do not have to take RMDs for 2019 or 2020. How do I report in Turbo Tax that I am reinvesting the RMDs into an IRA account and take it off my 1040 as income, when the sources of the RMDs have reported them on form 1099-Rs?

macuser_22 · ‎April 3, 2020

@Bruce71 wrote:

I turned 70 and 1/2 in Nov 2019. I took RMDs as required. Now I understand that I do not have to take RMDs for 2019 or 2020. How do I report in Turbo Tax that I am reinvesting the RMDs into an IRA account and take it off my 1040 as income, when the sources of the RMDs have reported them on form 1099-Rs?

The 2020 RMD was suspended, but any amount taken in 2019 does not qualify to be rolled back since it is not a coronavirus-related distribution taken after Jan 1, 2020 and before Dec 31, 2020 per §2202 of the CARES act.

Any part of a 2019 RMD not taken in 2019 and deferred to Apr. 1, 2020 would be suspended.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

BobCinReno · ‎April 5, 2020

The 2020 RMD's for IRA's 401K's etc have been suspended. Does suspended mean no longer required in 2020 but must be made for the 2020 tax year at some future time after 2020, or the 2020 tax year RMD's are no longer required in 2020 or thereafter?

macuser_22 · ‎April 5, 2020

The requirement to take a RMD in 2020 has been waived for 2020 only. You do not make it up in future years.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**