I inherited an IRA from my father who died in 2019. There was no required minimum distribution in 2020 tax year apparently. The amount in the IRA is $13,000. The money guy I spoke with convinced me to take it all out in December o0f 2021. The turbotax program wants me to give a
RMD. What is the RMD. The 1099-R form puts an X in the taxable amount not determined box. How do I determine the taxable amount?
You'll need to sign in or create an account to connect with an expert.
Since it is an inherited IRA the full amount of $13,000 is taxable. RMD stands for required minimum distribution. When an individual reaches the age of 72 (70 ½ if you reach 70 ½ before January 1, 2020). However, the first payment can be delayed until April 1 of 2020 if you turn 70½ in 2019. When did your father pass away, before April 1, 2020? If so he should have taken a required distribution. TurboTax wants to know if any of the amount withdrawn is the RMD. Since you withdrew the balance, if your father had the requirement to take an RMD, then you can answer the question yes.
When TurboTax asks how much of the distribution is RMD, what it's really asking is how much of the distribution is ineligible for rollover. Since none of a distribution to a non-spouse beneficiary is eligible for rollover, simply say that all of it is RMD. (Note that when none of the distribution was rolled over, it doesn't really matter how you answer this question.)
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
firewoman326
New Member
klmnd060957
New Member
boricuanyc
New Member
maharajfamily
New Member
duddley
New Member