working on IRA distributions. Turbo Tax says I need to take a RMD since I am over 70.5, but I am not and the correct birthday is listed on the personal part of the forms.
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Are you married and your spouse over 70.5? If so, make sure you are entering the 1099-R for you and not them. Make sure the your birthday(s) are entered in the format MM/DD/YEAR in TurboTax.
The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.
Yes, I am married.
Yes, my spouse is over 70.5.
BUT, it is my IRA and the description paragraph lists my name saying “ since YOU ( my name) are over 70.5, you have a RMD.
Both our birthdates are right in the personal information center.
To bypass that question, I entered a RMD of $1, and feel I can afford the adjustments in taxes I’ll get over that.
i haven’t filed yet hoping someone from TurboTax notices this and maybe fixes it.
on that 1099-R, go back into TT and see who is listed as the taxpayer - you or your spouse.
I suspect you clicked the 1099-R belongs to your spouse when in fact it belongs to you.
Thank you.
i did re-enter TT.
Both birthdays are correct.
The ownership of this IRA is correct.
The statement at screen Was this withdrawal an RMD for 2019 still adds 7 years to my age and says I was required to take an RMD.
If someone at TT wants to see screenshots, I’d be happy to share.
entering an RMD amount of $1 won't change anything ( beyond TurboTax behavior).
The taxable amount is the amount of the distribution 1040 Line 4b. (sum of both spouses amount).
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