topic RMD withdrawal in Get your taxes done using TurboTax

RMD withdrawal

Whitep — Wed, 31 Mar 2021 20:08:11 GMT

The Federal Government announced that we didn't have to take our RMD in 2020 because of COVID. I had already taken out part of my RMD and didn't take the rest (full amount). As I do Turbo Tax it has me fill in the full RMD amount announced for 2020 and then show what I had paid. It sounds like I will be penalized 50% of what I didn't take. Please advise why Turbo tax doesn't say it is ok because of the COVID announcement.

Re: RMD withdrawal

DanaB27 — Wed, 31 Mar 2021 20:15:03 GMT

Yes, RMDs were waived for 2020. Please select "none" was RMD and "you were not required to take RMD" during the 1099-R section interview.

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”

Re: RMD withdrawal

Bsch4477 — Wed, 31 Mar 2021 20:17:36 GMT

Since there was no RMD for 2020 do this. First delete the 1099-R you were working on. Then answer “no” when you are asked if it was RMD and follow the prompts.

Re: RMD withdrawal

Whitep — Wed, 31 Mar 2021 21:06:25 GMT

Thanks