I took $430,00 out of a Schwab IRA over the course of 2020. Before the CARES act was passed, I was notified that my RMD's from the Schwab IRA and another Vanguard IRA would be a total of $112,975.41.
My 1099-R from Schwab shows the $430,00 in box #1 and box #2A. The IRA was not inherited.
The next TurboTax question asks, "Was this withdrawal an RMD for 2020?" Yes or No? There was even a note about the CARES Act and that all RMD's had been suspended.
How do I answer?
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You would answer No.
RMDs were waived for 2020 and you must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you might have to delete and renter the 1099-R form.
Please follow these steps to enter your 1099-R:
This is not how my TurboTax works. I don’t have an “account”. I have a CD running Microsoft .
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