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RMDs were waived for 2020.The CARES Act provisions apply to most retirement plans, including traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k) plans, 403(b) plans, 457(b) plans, profit sharing plans and other defined contribution plans. The RMD suspension does not apply to qualified defined benefit plans.
If this applies to you must indicate to TurboTax that none of the distribution was RMD.
If you returned money (rollover) you can enter this into TurboTax to avoid paying taxes on this amount.
Please follow these steps to enter your 1099-R and a RMD rollover if applicable (step 5):
You can verify your entry by looking at your Form 1040 line 5:
[Edit 1/30/2021 | 1:45pm PST]
For pensions,
Say all of it is the RMD. If you are 70 1/2 it will ask you if it is the RMD. Say yes. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD.
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