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How do I enter IRA money to show it differently from Minimum Distribution Requirement?

 
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2 Replies

How do I enter IRA money to show it differently from Minimum Distribution Requirement?

What do you mean?   All 1099-R's are entered in the same place.

Enter a 1099-R  here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu  (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type:  Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE:  When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases.  You can always return as shown above.]
**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.**
Hal_Al
Level 15

How do I enter IRA money to show it differently from Minimum Distribution Requirement?

It really doesn't matter, as long as your RMD requirement has been met.

After entering your 1099-R, you will be asked how much of it was Required Minimum Distribution (RMD). If you had previously (on another 1099-R) answered that that your RMD was met, answer none.

No where on the IRS forms is there an actual place that indicates whether or not RMD has been met. Because your birth date indicates you are over 70-1/2, TurboTax asks the RMD question. Answer that question yes and that all your distribution is RMD. This will  keep TurboTax from calculating a failure to take RMD penalty. 

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