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5114djen
New Member

I took my first RMD in July, 2019. This must be reported as income for 2019? Is this correct? If so, where on the return is to be posted?

If I know the amount, can I just add it to my return or must I wait for the tax form?  And, where is it to be posted?
2 Replies
macuser_22
Level 15

I took my first RMD in July, 2019. This must be reported as income for 2019? Is this correct? If so, where on the return is to be posted?

You should receive a 1099-R by the end of January that reports that.

 

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.**
MayaD
Employee Tax Expert

I took my first RMD in July, 2019. This must be reported as income for 2019? Is this correct? If so, where on the return is to be posted?

Yes, you need to report that income. Even if you know the amount, you need to wait for the 1099R form in order to report all the information on that form.The 1099R reporting the RMD is entered just like any other 1099R.

 

To report the 1099R :

  • Log in to your Turbo Tax account
  • Go to the income section
  • Scroll down and click visit all next to Retirement Plans and Social Security

 

Turbo Tax will ask if the RMD was taken just to be sure that you did not miss it.

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