topic RMD in Deductions & credits

RMD

lpatter454 — Sat, 21 Mar 2020 19:39:37 GMT

Both my wife and I are retired. I was asked by your software to provide the amount of RMD, I took in 2019 and I provided it. I have checked and rechecked for the same question regarding my wife's retirement income and the question is not being ask for her. Her total amount received was 6,000.00. Is the amount relevant. My income from retirement funds was three times that. This may be minor but I need to know if I should worry with this or let go.

Re: RMD

JotikaT2 — Sat, 21 Mar 2020 20:04:30 GMT

It depends.

Required Minimum Distribution (RMD)is the minimum amount of money you must withdraw from your retirement account once you reach the age of 72 or 70 1/2(if you turned 70 1/2 prior to January 1, 2020.) 

I have attached a link with worksheets you can use to ensure your wife is receiving her RMD if applicable.

RMD Facts

RMD worksheets

Re: RMD

VolvoGirl — Sat, 21 Mar 2020 20:09:12 GMT

It goes by your age. You are probably over 70 1/2 and your wife is younger. Nothing to worry about. Are you getting a pension? If you are 70 1/2 it will ask you if it is the RMD. Say yes. Anything your pension pays you is considered to be the RMD.