Waiver of RMDs

[SamS1]

If you are younger than 72, you might need to temporarily change your age.  2020 TurboTax presently has a bug the prevents it from asking the necessary question for those with birthdates between July 1, 1949 and June 30, 1950. As a workaround for this, you can temporarily change your birthdate in TurboTax to something before July 1, 1949, edit the 1099-R form in TurboTax and answer the questions on RMD, then change your birthdate in TurboTax back to your actual birthdate.

This is due to TurboTax implementing the new IRA RMD age from 70 1/2 to 72, but overlooking that the 70 1/2 age. Make and answer No to the question if this distribution is RMD.

[Roland Neal]

I received nothing, because I failed to request RMD. how do I determine how much my RMD is

[Roland Neal]

where on the 1099R is the amount listed is it #5

[VolvoGirl]

If you didn't take your RMD in 2020 you are in luck.  The RMD was waived for 2020.  So if you didn't get a 1099R then skip that section.  Did you get a 1099R?  When you enter the 1099R say NO it was not the RMD since it is not required.

[DMarkM1]

There is no Required Minimum Distribution for tax year 2020 it has been waived.  Also, no, box 5 shows any amounts that have already been taxed (pre contribution) and thus not taxable on your 1099R; it is not RMD.  

Your account custodian can help you figure your RMD for future reference. 

[Arch5496]

Looking on Turbo Tax to explain not taking full RMD on my IRA's as I was told by my tax advisers I was not required to due to Cares Act.    How do I let IRS know why by distribution was less that required amount in the Turbo Tax Program?

[VolvoGirl]

You don't have to explain that.  

Since there is no RMD required for 2020, after you enter the 1099R say it was NOT an RMD.  If you already entered the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form.

[Alaska1941]

I cannot find out where to indicate our RDM funds we received from our broker.  You asked did we have them and I marked in the affirmative but no choice was given to enter in the amounts.  Where do I go from here?

[VolvoGirl]

@Alaska1941   You should have a 1099R for that.

Enter a 1099R under
Federal Taxes on left
Wages & Income at the top
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

Don't type the bank name or try to import it.
At the bottom pick - Change How I enter my Form
Then on the next screen pick - I'll Type it in Myself

If you are filing a Joint return be sure to pick which person it is for.
Next screen is Who gave you a 1099R? Pick the right box.

[VolvoGirl]

Oh I forgot to post my screen shot.

[nene2246]

I replied no to the question that asks if this was an RMD withdrawal.  I filed my taxes.  I now found out that the withdrawals were RMD.  The IRS.Gov web sight and phone number has no live person to answer my inquiries. Do I file and amendment?

[jtax]

Don't worry about it unless you paid the 50% penalty for not taking an RMD. 

Review your tax return for Form 5329 and in particular part IX on page 2. If you do have a 5239 in your return and an amount on line 55, then you should file an amended return to get the penalty back.

If you have not form 5329, then don't worry. TT asks about the RMD to figure out various things including whether you need a 5239. But also things like not allowing you to rollover and RMD to another IRA.  It is the presence of the 5329 that matters here.

Also note there is never a requirement to file an amended return for a mistake. (Fraud is different.) You might want to file an amended return to get a refund or to avoid interest and penalties, but you don't have to.

[nene2246]

From what I can tell, answering that none of the money withdrawn was an RMD will yield the results that I believe I need, but I just wasn't sure... the wording of the questions are horrible...

This is what I totally agree with you, Quoted above.  I could not contact the IRS by phone, only recordings nor via internet,  No section to ask my question.  i will try to file and amendment and hopefully I will be more at ease.. 

[jtax]

Did you check to see if you had a form 5239 in your filed tax return?

[dmertz]

When during the entry of a particular Form 1099-R TurboTax asks how much of the distribution was RMD, it's only doing so to determine how much of the distribution is eligible for rollover.  If you didn't roll over any of the amount reported on the Form 1099-R, it doesn't matter what answer you give to this question.

TurboTax asks a separate question about RMDs after you click the Continue button on the page that lists the Forms 1099-R that you have entered.  This separate question is only to determine if you received all amounts that you were required to receive during the year and, if not, prepare Form 5329 Part IX to report the failure to do so.