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New Member
posted Mar 17, 2020 11:02:10 AM

Which choice if I Redeemed all assets as a beneficiary? I received all the RMD for 2019 I did not receive all the RMD for 2019 I was not required to take an RMD for 2019

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2 Replies
Intuit Alumni
Mar 17, 2020 11:34:35 AM

It depends.  If the decedent was 70-1/2 years of age or older, and the account was an IRA or similar account, he/she would have been required to take RMD's.   

 

The RMD rules for beneficiaries do not eliminate the need for the deceased owner’s estate (or beneficiary) to take his or her RMD for the year of death if the owner died on or after attaining age 70½.

 

The best thing to do, if you are not sure if the above applies for this particular account would be to contact the account administrator and find out if an RMD was required for 2019. 

 

 

 

 

 

 

Level 15
Mar 17, 2020 11:53:29 AM

If you received a total distribution of the retirement account in 2019, you can say that you received all of the RMD.  This will prevent 2019 TurboTax from preparing Form 5329 for a failure to take enough out of the retirement account.  Taking everything out of the retirement account means that you took enough out to satisfy the RMD for that account since the RMD for the account cannot be more than is actually in the account.