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Returning Member

Need to enter RMD payments but where how do I enter my RMD?

RMD from American Equity annuity contract 294565 in the amount of $2609.67
5 Replies
Level 15

Need to enter RMD payments but where how do I enter my RMD?

Just enter the 1099-R as written in the retirement section then complete the following screens in that section to indicate it was an RMD.  

 

 

Enter a 1099-R  here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu  (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type:  Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE:  When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases.  You can always return as shown above.]

Level 15

Need to enter RMD payments but where how do I enter my RMD?

RMD's were waived for 2020.  But enter the 1099-R for any 2020 distribution you received here:

Federal > Wages and Income > Retirement.

 

(Please delete your contract # from your question, as this is a public forum.)

Level 15

Need to enter RMD payments but where how do I enter my RMD?


@SweetieJean wrote:

RMD's were waived for 2020.  But enter the 1099-R for any 2020 distribution you received here:

Federal > Wages and Income > Retirement.

 

(Please delete your contract # from your question, as this is a public forum.)


@SweetieJean Note that the poster said "annuity".   Not ALL RMD's were waived.  That may or may not require a 2020 RMD.    Ask the annuity custodian.

 

 

**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.**
Level 15

Need to enter RMD payments but where how do I enter my RMD?

@macuser_22  Good point.  I had assumed that the Annuity was a qualified one.

Level 15

Need to enter RMD payments but where how do I enter my RMD?


@SweetieJean wrote:

@macuser_22  Good point.  I had assumed that the Annuity was a qualified one.


This is what was waived - nothing else.

 

This is a quote from the CARES act.

  ``(I) Temporary waiver of minimum required 
                distribution.--
                          ``(i) In general.--The requirements of this 
                      paragraph shall not apply for calendar year 2020 
                      to--
                                    ``(I) a defined contribution plan 
                                which is described in this subsection or 
                                in section 403(a) or 403(b),
                                    ``(II) a defined contribution plan 
                                which is an eligible deferred 
                                compensation plan described in section 
                                457(b) but only if such plan is 
                                maintained by an employer described in 
                                section 457(e)(1)(A), or
                                    ``(III) an individual retirement 
                                pla  

 

**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.**
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