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isboc
New Member

1099 R BENEFICIARY TO MOTHERS IRA'S AND ANNUITIES.I CASHED THEM OUT. HOW DO I ANSWER THE RMD QUESTION? I HAVE GOTTEN YES AND NO ANSWERS FROM TURBOTAX TAX PRO ANSWERS

The accounts were closed and cashed out. I am getting conflicting answers when I google the question. Help!

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dmertz
Level 15

1099 R BENEFICIARY TO MOTHERS IRA'S AND ANNUITIES.I CASHED THEM OUT. HOW DO I ANSWER THE RMD QUESTION? I HAVE GOTTEN YES AND NO ANSWERS FROM TURBOTAX TAX PRO ANSWERS

It doesn't matter how you answer the question asking if any portion of the distribution was RMD.  TurboTax only asks the question to preclude you from indicating a rollover of any amount of the RMD, but these distributions weren't eligible for rollover no matter how much was RMD.

When TurboTax later asks if you received all RMDs for 2016, answer Yes since you cashed out and closed the accounts.

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1 Reply
dmertz
Level 15

1099 R BENEFICIARY TO MOTHERS IRA'S AND ANNUITIES.I CASHED THEM OUT. HOW DO I ANSWER THE RMD QUESTION? I HAVE GOTTEN YES AND NO ANSWERS FROM TURBOTAX TAX PRO ANSWERS

It doesn't matter how you answer the question asking if any portion of the distribution was RMD.  TurboTax only asks the question to preclude you from indicating a rollover of any amount of the RMD, but these distributions weren't eligible for rollover no matter how much was RMD.

When TurboTax later asks if you received all RMDs for 2016, answer Yes since you cashed out and closed the accounts.

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