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plano1991
Returning Member

RMD: ABOUT THIIS RETIREMENT ACCOUNT

it ask FIRST THE question :sOME OR ALL OF THIS WITHDRAWAL WAS AN rmd?tHEN,ASK ALL OR SOME OF THIS DISTRIBUTION PART WAS PART OF RMD? wHAT DOES THIS MEAN? NO HELP FROM TURBOTAX!

8 Replies
ColeenD3
Expert Alumni

RMD: ABOUT THIIS RETIREMENT ACCOUNT

Once you reach a certain age, 72 in 2020, you must have Required Minimum Distributions from your retirement plans. The program is asking you is the amounts on your 1099-R are those distributions.

 

What are Required Minimum Distributions?

Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 72 (70 ½ if you reach 70 ½ before January 1, 2020), if later, the year in which he or she retires. However, if the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once the account holder is age 72 (70 ½ if you reach 70 ½ before January 1, 2020), regardless of whether he or she is retired.

 

Retirement plan participants and IRA owners, including owners of SEP IRAs and SIMPLE IRAs, are responsible for taking the correct amount of RMDs on time every year from their accounts, and they face stiff penalties for failure to take RMDs.

 

 

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pcarlson9
Level 2

RMD: ABOUT THIIS RETIREMENT ACCOUNT

I understand TT asking the RMD question for IRAs, 457s and  similar accounts, but why does it ask it for my husbands Federal Annuity and another pension his has? TT doesn't ask the RMD question for my Local Govt annuity and it is no  different than my husbands 2 pension plans.  Should I be saying Yes he took an RMD on those two or No? I don't want to be paying a penalty for not taking an RMD for 2 plans that we get a predetermined payment from. I wish TT would add a forth option "This plan does not require an RMD".

npierson7
Level 1

RMD: ABOUT THIIS RETIREMENT ACCOUNT

He has to report the distribution, if he took it, but you can answer No to a question If the distribution was RMD. You won't be penalized since the IRS waived the RMD for 2020.

pcarlson9
Level 2

RMD: ABOUT THIIS RETIREMENT ACCOUNT

Hmm that does not answer my question.

JohnB5677
Expert Alumni

RMD: ABOUT THIIS RETIREMENT ACCOUNT

I'd like to be sure that everything is posted correctly.

  1. Enter that you have a 1099-R
  2. Enter provider info
  3. Post 1099-R data
  4. IRA/SIMPLE/SEP box is checked  should not be checked
  5. Do you have info in Box 2a or Box 2b? Answer
  6. Is the IRA/SEP/SIMPLE box on this 1099-R checked? Answer no.
  7. Where is your distribution from?
    1. Qualified government retirement distributions
  8. What kind of retirement plan do you have with me?
    1. Qualified plan (most common)
  9. Do any of these situations apply to you?
    1. None of these apply
  10. Tell us if you moved the money through a rollover or conversion
    1. I didn't rollover or convert this money
  11. The RMD questions will not appear.

 

 

 

 

@pcarlson9

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SteamTrain
Level 15

RMD: ABOUT THIIS RETIREMENT ACCOUNT

@pcarlson9 

 

Once a person turns 70.5 (or the new 72 depending on exactly when they turned 70.5).....there will be that RMD question for that 1099-R....even if it is a standard monthly pension they've been getting for years, and the RMD question wasn't asked before.  The age 70.5 (or 72) is the trigger for the question.....

 

The reason you have not received the RMD question for your own 1099-R forms, is probably that you haven't reached the proper age yet...sounds like that will be for the tax year you turn 72 .   Makes no difference what the retirement funding source for the 1099-R is.

 

(OK...probably some exceptions for returns of overcontributions & such)

__________________________

Anyone who reached age 70.5 in 2019 will continue to get that question every year.....anyone reaching age 70.5 after 2019 is moved to the age 72 cutoff, and will get start to that RMD question for the tax year they reach age 72 and thereafter.

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
Wardy-499-266
Returning Member

RMD: ABOUT THIIS RETIREMENT ACCOUNT

I am cocerned since I have hearsd nothing aboutmy taxes.I need to see a copy of the aproved tax data to see if i owe mor taxes and that they were not hung up so p-lease send me a copy of the taxes both federal and State.   

I dsid not take any mard than was already accounted for.{Please get back to me soon

DoninGA
Level 15

RMD: ABOUT THIIS RETIREMENT ACCOUNT


@Wardy-499-266 wrote:

I am cocerned since I have hearsd nothing aboutmy taxes.I need to see a copy of the aproved tax data to see if i owe mor taxes and that they were not hung up so p-lease send me a copy of the taxes both federal and State.   

I dsid not take any mard than was already accounted for.{Please get back to me soon


To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

Scroll down to the bottom of the screen and on the section Your tax returns & documents click on Show.  Click on the Year and Click on Download/print return (PDF)

Or -

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

This will take you back to the 2020 online tax return.

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets

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