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watermanlcsw
New Member

Where do I report the Required Minimum Distribution from my retirement plan??

Where do I report my Required Mimnmun Distribution from my retirement plan in Turbotax 2021?????
2 Replies
DoninGA
Level 15

Where do I report the Required Minimum Distribution from my retirement plan??

You received the RMD from your plan administrator reported to you on a Form 1099-R.

 

Online editions -

Enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

On the screen Did you get a 1099-R in 2021? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

Hal_Al
Level 15

Where do I report the Required Minimum Distribution from my retirement plan??

There is nowhere on the actual tax forms that you report that you got a  Required Minimum Distribution (RMD).

 

In TurboTax (TT), you report the 1099-R you received. At the end of the 1099-R interview, TT asks if any of the distribution, shown on the  1099-R, was RMD.   

 

Because your birth date indicates you are over 72 (70 ½ if you reach 70 ½ before January 1, 2020). TurboTax asks the RMD question. Answer that question yes and that all your distribution is RMD. This will  keep TurboTax from calculating a failure to take RMD penalty. Regular periodic pension payments are the pension's own RMDs.

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