Where do I enter my RMD that is shown on my Form 5498 from my financial institution?

Forum|Forum|5 years ago
March 31, 2021
5 replies
37 views

It keeps referring me to 1099-R but that isn't correct

TurboTax Self Employed Online

DanaB27

Employee Tax Expert

If you received an RMD and returned it to your retirement account (rollover) because RMD's were waived for 2020 then you will have to enter this under the 1099-R section. Do not enter this as an IRA contribution under Deduction and Credits.

Please follow these steps:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
Continue until "How much was a RMD?" and select "none"
Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
Continue answering the questions.

RMDs were waived for 2020. You must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and re-enter the 1099-R form.

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TL491

Level 2

Why does the 1099-R entry sheet have a choice for RMDs?

Need to spell the word in the help sheet as Reenter not renter.

VolvoGirl

Level 15

@TL491 Where? Is this for a pension? Yes if you are over 70 1/2 it will ask if it was the RMD. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD.