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DEP328
New Member

Turbo Tax RMD calculation

We have 3 IRA accounts.  We did not take the complete RMD amount for two, and none from the other.  When entering the amounts taken and then the calculated RMD amounts, Turbo Tax calculated that I owed 50% of the shortfall.  What is that?  I did not see any instruction about possibly omitting the input of the original RMD amounts.

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Accepted Solutions
dmertz
Level 15

Turbo Tax RMD calculation

Because RMDs were waived for 2020, when TurboTax asks if you received all of your RMD for 2020 you must indicate that you were not required to take an RMD for 2020 (or indicate that you received all of the RMDs for 2020 since $0 was required).

 

This question has nothing to do with Form 8915-E.

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2 Replies
MinhT1
Expert Alumni

Turbo Tax RMD calculation

For tax year 2020, the CARES Act has eliminated the RMD requirement. Please see this IRS document.

 

In the RMD section of TurboTax, you can say that you have satisfied the RMD requirement or that you have taken $0 in RMD. RMDs are waived and there is no penalty.

 

 

@DEP328

 

@dmertz  Thank you.

 

[Edited 02/08/2021   7:27 PM PST]

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dmertz
Level 15

Turbo Tax RMD calculation

Because RMDs were waived for 2020, when TurboTax asks if you received all of your RMD for 2020 you must indicate that you were not required to take an RMD for 2020 (or indicate that you received all of the RMDs for 2020 since $0 was required).

 

This question has nothing to do with Form 8915-E.

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