topic Re: IRAs for two in Retirement tax questions

IRAs for two

David Kinzel — Fri, 22 Jan 2021 17:22:57 GMT

Between us we have 3 IRAs, 2 for her, one for him. He is 1 year older and RMD happened for him in 2018. RMD would have happened for her in 2020. But the rules changed and RMD for her was moved to 2021 - next year. We had already planned for her to withdraw enough for her RMD in the form of a checking account used for charities.

Since RMD is now not required for her, the question regarding charity does not appear, and the 1099-R does not reflect the charity option anyway.

Is the easiest way to handle this to take the income from that IRA and then deduct the amount on Schedule A?

Re: IRAs for two

dmertz — Fri, 22 Jan 2021 17:46:48 GMT

2020 TurboTax presently (version R14) has a bug the prevents it from asking the necessary QCD question for those with a birthdate between July 1, 1949 and June 30, 1950. As a workaround for this, with the CD/download version you can provide the QCD-amount information on the 1099-R in forms mode or in any version of TurboTax you can temporarily change your birthdate in TurboTax to something before July 1, 1949, edit the 1099-R form in TurboTax and answer the question asking how much was transferred to charity, then change your birthdate in TurboTax back to your actual birthdate.

Re: IRAs for two

David Kinzel — Fri, 22 Jan 2021 20:00:30 GMT

Thank you.

So I've moved on and discovered that I cannot enter Social Security info for her. The fields are there, but inaccessible. Any clues?

Re: IRAs for two

David Kinzel — Fri, 22 Jan 2021 21:25:31 GMT

Well. There is an anomaly where the imported tax file, say from a previous year, has a DETAIL screen that has entries as details. The fields which are not accessible for typing directly into can only be reached when one double-clicks the entry to get to the DETAIL lines to actually add data...

Re: IRAs for two

fanfare — Fri, 22 Jan 2021 21:56:27 GMT

Sounds like she and he have figured the solution to their problems.