The RMDs have been waived for tax year 2020.
Please read this IRS document for more information.
If you do not have any form 1099-R, there is nothing to report in TurboTax about the RMD. There is no penalty.
I didn't take the RMD for $2020 and made no other withdrawals for any purpose. So how do I answer the question "Was this withdrawal an RMD" since I made no withdrawal?? Also What did I do with the money- I didn't do anything with it!! As I understand it leaving the money alone is not a "rollover" so how do I answer the rollover question?? I'm very confused. Will I have to pay the full tax on the gross distribution (retirement account) or treat it as a full rollover in which case I pay nothing? Thank you.
Why are you in that section if you didn't take a RMD or withdrawal? Did you get a 1099R? Delete it and skip the 1099R section.
Hi. Yes I did receive a 1099R for this retirement account. That's why the RMD question came up.