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Level 1
March 7, 2021
Question

Cares Acit and IRA distributions

  • March 7, 2021
  • 2 replies
  • 10 views

I opted to not take my RMD from my IRA in 2020 duee to the Cares Act.  My financial institution said I would need to inform the IRS that I chose that option.  How do I report that to the IRS in Turbo Tax?

    2 replies

    DoninGA
    Level 15
    Level 15
    March 7, 2021

    If no distribution was made from the IRA in 2020 then you have nothing to report on your 2020 federal tax return concerning the RMD.

    fanfare
    Level 15
    March 8, 2021

    your financial institution gave you misinformation.

    IRS knows the RMD was waived.