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Where can I enter an annuity lump sum death dispersal
I have a 1099R and need to claim the taxable amount from my Moms death benefit from her Annuity (GMBD), Keep getting routed to a IRA RMD. It's not that.
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Where can I enter an annuity lump sum death dispersal
If TurboTax thinks you have an IRA, its' because the IRA/SEP/SIMPLE box is checked in the online software. Take a look at your physical 1099-R and confirm whether this box is checked, or not. (It is usually between Box 7 and Box 8.)
If the box is not checked on your original 1099-R, then revisit your entry for this 1099-R and make sure you did not accidentally mark the IRA/SEP/SIMPLE box in the software.
If it is checked and your mom was over 70-1/2 when she passed, then that is why you're being routed to this question.
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Where can I enter an annuity lump sum death dispersal
Any help is so appreciated.
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Where can I enter an annuity lump sum death dispersal
How do i enter the lump sum received as a death benefit on my mother's annuity with only a small portion taxable without getting into rmds?
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Where can I enter an annuity lump sum death dispersal
If IRA/SEP/Simple Box unchecked as it is NOT checked for pensions. TT still asks RMD questions, but the answer is always no (Box 7). TT just gets is wrong
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Where can I enter an annuity lump sum death dispersal
The IRS says:
You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ in 2019). Roth IRAs do not require withdrawals until after the death of the owner.
Any and all retirement plans DO have an RMD. You can take all of your RMD from one place and have it cover multiple accounts. The program has to know how much money is RMD. Each issuer reports to the IRS what the RMD is. The IRS can add it up and determine if you met the RMD.
IRA or pension, if it is retirement, it has an RMD. Everything you ever wanted to know about RMD is answered by the IRS in their easy to read- Retirement topic.
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