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New Member

TurboTax wants the RMD amount. I do not have the amount, and the payer has not responded. What can I do?

 
5 Replies
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Level 12

TurboTax wants the RMD amount. I do not have the amount, and the payer has not responded. What can I do?

Have you already received the 1099-R for the distribution?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
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Level 15

TurboTax wants the RMD amount. I do not have the amount, and the payer has not responded. What can I do?

If you satisfied the RMD with the distribution the amount is not important ... just choose the all was RMD and move on ... if you did not take the full RMD then you need the amount required.
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Level 15

TurboTax wants the RMD amount. I do not have the amount, and the payer has not responded. What can I do?

What type of retirement account?   if a pension or account that you receive periodic payments from then the box 1 amount is the RMD amount.

If an IRA then the RMD must be calculated based on your age and the 2018 year end value of all Traditional IRA accounts combined.
**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.**
New Member

TurboTax wants the RMD amount. I do not have the amount, and the payer has not responded. What can I do?

I hope it's as simple as box 1 = RMD for periodic payments.
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Level 15

TurboTax wants the RMD amount. I do not have the amount, and the payer has not responded. What can I do?

Virtually all pension plans in existence today fall under section 401 of the tax code and they all require RMD's after age 70 1/2.  The question is just to be sure that the requirement was met.  If you receive periodic (monthly) payments from any pension plan you can be assured that the custodian of the plan is meeting the requirements so you can safely answer "yes" to the question.

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD.

https://ttlc.intuit.com/replies/3302117

**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.**