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.
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.
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.