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Laure Merrick
New Member

I took funds from an annuity. Since RMD's weren't required in 2020 do I need to list the withdraw as a partial RMD?

 
4 Replies
macuser_22
Level 15

I took funds from an annuity. Since RMD's weren't required in 2020 do I need to list the withdraw as a partial RMD?

What type of annuity?

 

The CARES act only waived the RMD for certain types of retirement plans.  Many annuities would still require RMD's.

 

 

SEC. 2203. TEMPORARY WAIVER OF REQUIRED MINIMUM DISTRIBUTION RULES 
                          FOR CERTAIN RETIREMENT PLANS AND 
                          ACCOUNTS.

    (a) In General.--Section 401(a)(9) of the Internal Revenue Code of 
1986 <<NOTE: 26 USC 401.>>  is amended by adding at the end the 
following new subparagraph:
                    ``(I) Temporary waiver of minimum required 
                distribution.--
                          ``(i) In general.--The requirements of this 
                      paragraph shall not apply for calendar year 2020 
                      to--
                                    ``(I) a defined contribution plan 
                                which is described in this subsection or 
                                in section 403(a) or 403(b),
                                    ``(II) a defined contribution plan 
                                which is an eligible deferred 
                                compensation plan described in section 
                                457(b) but only if such plan is 
                                maintained by an employer described in 
                                section 457(e)(1)(A), or
                                    ``(III) an individual retirement 
                                plan.

 

**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.**
Runt
Level 1

I took funds from an annuity. Since RMD's weren't required in 2020 do I need to list the withdraw as a partial RMD?

I took some funds from an IRA in 2020. Since RMD withdrawals weren't required , how do I answer TurboTax's questions  about RMD withdrawal,  Do I answer not an RMD or partial RMD?

macuser_22
Level 15

I took funds from an annuity. Since RMD's weren't required in 2020 do I need to list the withdraw as a partial RMD?


@Runt wrote:

I took some funds from an IRA in 2020. Since RMD withdrawals weren't required , how do I answer TurboTax's questions  about RMD withdrawal,  Do I answer not an RMD or partial RMD?



Answer the RMD question that "None of this distribution was a RMD" or"RMD not required" depending on the TurboTax version - because it was NOT a RMD, there were no 2020 RMD's.

If this is an inherited IRA then answer the "Is this IRA inherited" with NO. The purpose of that question is to PREVENT rolling an inherited IRA over, buti is allowed for 2020 only.

Then you will get the screen to say it was "moved" and all rolled over.

That will put the 1099-R box 1 amount on the 1040 form line 4a with the word ROLLOVER next to it.



**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.**
Runt
Level 1

I took funds from an annuity. Since RMD's weren't required in 2020 do I need to list the withdraw as a partial RMD?

Just to help me understand a little better.  an RMD is essentially taking the full distribution or nothing.  Where does the term partial distribution apply.  Incase we get disconnected, thank you for your help.

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