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How do I showvthat i did not take the required RMD

I do not know how to show that I failed to take my full required RMD?
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1 Reply
ReneV4
Employee Tax Expert

How do I showvthat i did not take the required RMD

To show you have not taken your RMD, do the following:

 

  1. Go to Wages & Income and click on Review to the right of your 1099-R information
  2. On the "Review your 1099-R Summary", click on the pencil to the right of your 1099-R information
  3. Select the 1099-R box that applies to you (first is most common) and Continue 
  4. Select Continue until you reach "Let's go over any required minimum distributions (RMD)"
  5. Enter the amount of the RMD you should have taken
  6. On the next screen, select "None of this distribution applied..." (or some, if you took some of the RMD amount)
  7. The next screen after you indicate you have not taken the RMD and asks, "Did you take out the remaining amount during the correction window?"
  8. Choose "No, I did not"

 

Note: Required Minimum Distributions (RMDs) are mandatory withdrawals from retirement accounts starting at the age of 73.

 

If you are now at the age, but did not take the distribution, here are a few things to know:

 

  • You must immediately take the distribution to minimize penalties, which are 25% of the shortfall, or 10% if corrected within two years
  • The first RMD must be taken by April 1 of the year following the year you reach age 73
  • Subsequent RMDs are required by Dec 31 annually
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