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TaxpayerX
New Member

RMD 2020 Distribution Changes

I haven't been affected by the Wuhan virus healthwise. I understand that I don't need to take my RMD distribution in TY 2020. I estimated my 2020 taxes based on my 2019 taxes when filing in Feb'y before this became the big thing, so my question is this: if I predicate my 2020 taxes based on my 2019 MINUS the RMD distribution for 2019, that drops my 2020 TY estimated tax a bit. Can I then guesstimate my quarterly payments predicated on the reduced amount? Makes sense to me, but then....

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2 Replies
dmertz
Level 15

RMD 2020 Distribution Changes

You can adjust your estimated tax payments any way you wish as long as the result is no underpayment penalty.  Eliminating the previously anticipated retirement distribution will reduce the amount you need to pay.

TaxpayerX
New Member

RMD 2020 Distribution Changes

Good to read it's as simple as that.

Thanks.

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