I had no employment income in 2019 and instead paid my expenses from money I have inherited. The money is divided between three accounts: an IRA, a supplemental IRA, and an account with funds earmarked for the future purchase of a home. During the year, I took two withdrawals of 50K each. I’m assuming that I must report these on my 2019 return, but I’m not sure where in TT to enter them. Are the withdrawals considered income, etc.? Also, I separately took a mandatory minimum distribution from my IRA, which I transferred to my supplemental IRA account. Does the fact that I transferred the distribution to another account make any difference in terms of how I report it? Any help regarding these questions would be greatly appreciated.
What is a supplemental IRA Account? You can not transfer a RMD required minimum distribution to another IRA. You have to take it out. You should have received a 1099R from each account you took a distribution.
The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.
Enter a 1099R under
Federal Taxes on the left side
Wages & Income at the top
Then scroll way down to Retirement Plans and Social Security,
Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit