topic RMD in Retirement tax questions

RMD

taxman12 — Mon, 01 Feb 2021 20:36:53 GMT

I took $430,00 out of a Schwab IRA over the course of 2020. Before the CARES act was passed, I was notified that my RMD's from the Schwab IRA and another Vanguard IRA would be a total of $112,975.41.

My 1099-R from Schwab shows the $430,00 in box #1 and box #2A. The IRA was not inherited.

The next TurboTax question asks, "Was this withdrawal an RMD for 2020?" Yes or No? There was even a note about the CARES Act and that all RMD's had been suspended.

How do I answer?

Re: RMD

CatinaT1 — Mon, 01 Feb 2021 20:52:37 GMT

You would answer No.

RMDs were waived for 2020 and you must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you might have to delete and renter the 1099-R form.

Please follow these steps to enter your 1099-R:

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R”
Continue until "How much was a RMD?" and select "none"
Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
Continue answering the questions.

Re: RMD

taxman12 — Fri, 05 Feb 2021 21:02:06 GMT

This is not how my TurboTax works. I don’t have an “account”. I have a CD running Microsoft .