Was RMD waived for 2020?

Forum|Forum|5 years ago
February 21, 2021
9 replies
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npierson777

Level 10

Yes, the CARES Act waives RMDs in calendar year 2020. It also applies to those who:

• Delayed their 2019 RMD until April 1, 2020 – that RMD is not required to be taken

• Have an RMD due by December 31, 2020 – that RMD is not required to be taken

• Use the five-year rule to deplete an Inherited IRA – 2020 is not counted in the five years, essentially providing 6 years to deplete the account.

If an IRA owner already took an RMD in 2020, they may roll it back into an IRA within 60 days of receiving the distribution. (Future IRS guidance on the RMD waiver could possibly extend the 60-day deadline.)

slowgoat2020

Level 2

Thanks for the info. My RMD was waived and I recieved no 1099-R. I entered no 1099-R information, but it's still asking me to provide figures on Form 5329-S part IX line 52/53. Or I can continue on. This makes me think I didn't enter the RMD information correctly. Any advise?

sls50211

Level 9

You can try deleting the form in TurboTax then see if it clears. TurboTax is looking for an RMD and is not seeing it. Not seeing the RMD, TurboTax is trying to compute the RMD penalty on the 5329. While in your return in TurboTax:

In the left hand column select "Tax Tools"
Select "Tools"
Select "Delete a form"
Review forms listing for "5329""
Delete selected form then "Back"
Run your Federal review again.
Print your return and review amounts.

If that does not work, then you may need to delete any 1099R that populated in 2020 from 2019.

Glenn89

Level 2

Why didn't Turbotax have the waive programed into Turbotax for 2020? I spent two hours search for any RMD forms that were mailed to me. Of course there were not any for this Calendar year 2020.