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posted Jan 24, 2021 11:22:20 AM

RMD

I did not take an RMD in 2020 becasue it was waived. TT has calculated that I owe $500 tax becasue of that. Did I answer a question wrong?

0 1 550
1 Replies
Level 15
Jan 24, 2021 12:20:52 PM

When asked about completing your RMDs for 2020, the correct answer is that you received all of your RMD for 2020.  You effectively took out all $0 of the $0 required to have been taken.

 

Simply delete the Form 5329 that is present in your tax return.