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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.
Why did you get the 1099R? What code is in box 7? Since no RMD was required for 2020 say No it was not the RMD.
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