topic Re: 1099-R in Get your taxes done using TurboTax

1099-R

Scotttal — Fri, 24 Jan 2020 19:33:11 GMT

In 2019, my 75 year old mother passed away. I inherited her IRA. She had already made the RMD for 2019.

My question is how to report this on TurboTax?

1) Was this Withdrawal an d RMD?

YES, some or all of this withdrawal was an RMD

NO, None of this withdrawal was an RMD

2) Select one:

Receipt received all of the RMD for 2019

Recipient did not receive all of the RMD for 2019

Precipitant was not required to take an RMD for 2019

Since my mom took her RMD in the year she died and that I inherited the IRA, no RMD is needed again.

Just want to report it correctly.

Thanks,

Re: 1099-R

DavidS127 — Fri, 24 Jan 2020 20:08:27 GMT

The 1099-R for the 2019 RMD distributed to your mother before her passing "belongs" on her "Final Tax Return for Decedent". The answers to the questions for the 2019 RMD she received are "Yes" and "Received all of the RMD for 2019".

For the IRA you inherited, you now have an RMD as the beneficiary. The rules for an IRA inherited from someone other than a spouse are contained in IRS Publication 590-B. You will have an RMD for the inherited IRA. There are a couple of options for calculating your RMD, and the trustee for the IRA can assist you with that.

Re: 1099-R

Scotttal — Mon, 27 Jan 2020 01:58:12 GMT

Thanks.

I cashed out her IRA during 2019, the same year she took her RMD.

So, I should not have an RMD because the she took hers and the account closed in the same year.

my question was how to answer the TurboTax questions about the 1099R on my 1040 to let the IRS know that as and beneficiary, I do not owe and RMD.

any guidance on how to answer the TurboTax questions about my 1099R to reflect this fact pattern would be appreciated.

Re: 1099-R

macuser_22 — Mon, 27 Jan 2020 02:09:20 GMT

Just say that it was all a RMD (or a RMD was not required)- same thing since NOTHING about a RMD goes on a tax return at all. The question is just to be sure that no penalty for missing a RMD is required. In your case, taking a total distribution satisfies all RMD requirements.