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New Member

MRD 2016 withdrawal - did not take all but have until April 2017.For the 2016 filing how do i show the amount taken.

 
4 Replies
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Level 9

MRD 2016 withdrawal - did not take all but have until April 2017.For the 2016 filing how do i show the amount taken.

If 2016 is your first year for which RMD was required, the deadline for taking 2016 RMD is April 1, 2017. As it is not late yet, no special reporting is required on your tax return.  Just enter form 1099-R exactly as it appears, and when asked about RMD, answer that all RMD was taken (and be sure to take remaining portion of the RMD by April 1, 2017).

If 2015 is not first year:  Please enter the form information and go through the questions.  You will be asked if you have met RMD requirements, what is the required amount and actual amount received. You will be able to enter the partial amount taken, indicate how much should have been taken out and request a waiver for the penalty -Turbo Tax will ask to type in explanation where you can show the reasonable error and what steps were taken to fix it. (see pictures).

 IRS often allows a waiver of the penalty if you can:

  1. show that you didn't take the RMD due to a reasonable error, and
  2. show that you are taking steps to fix the error

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Level 15

MRD 2016 withdrawal - did not take all but have until April 2017.For the 2016 filing how do i show the amount taken.

If 2016 is your first year and you didn't take it you won't have a 1099R for 2016.  You don't report anything on your 2016 return.  You will get and report the 1099R on your 2017 return next year along with your 2027 RMD.  You will have to take 2 RMD this year 2017.  So don't forget the second one.
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Level 15

MRD 2016 withdrawal - did not take all but have until April 2017.For the 2016 filing how do i show the amount taken.

Oh I missed you said you didn't take it ALL.  so you took some?  Then ignore my comment.
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Level 15

MRD 2016 withdrawal - did not take all but have until April 2017.For the 2016 filing how do i show the amount taken.

For 2016, you say that you took *all* of the RMD otherwise TurboTax will try to assess a penalty for not taking it.   You have until April 1, 2017 to actually take the 2016 RMD (if you turned 70 1/2 in 2016) so you actually *are* taking the entire 2016 RMD.
**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.**