topic Re: I need help regarding the RMD. in Retirement tax questions

I need help regarding the RMD. We have taken dividends every month that covers our RMD. Since it has been forgiven for 2020, should I still state that it is RMD?

Unojoeray — Thu, 11 Feb 2021 00:20:56 GMT

Re: I need help regarding the RMD. We have taken dividends every month that covers our RMD. Since...

AmyC — Thu, 11 Feb 2021 02:24:02 GMT

You are smart. The RMD was removed for 2020 and yet the program asks anyway. You want to say that none of it was RMD. The program can handle the correct answer.

Re: I need help regarding the RMD.

tlrunge — Thu, 11 Feb 2021 03:23:34 GMT

I have two IRAs. One is an annuity paying 5262.68 annually. I toke that payment in 2020. The ammia; RMD for this annuity is $3291.28. I did not take the RMD from the second IRA. The total RMD for the two IRAs is $11032.40. My TurboTax know about the 2020 RMD, but keeps erring in the review and telling me I owe a penalty. I checked the not an RMD box and that I'm not required to take an RMD, but it stiall errors.

What now> Start ov

Re: I need help regarding the RMD.

SamS1 — Fri, 12 Feb 2021 01:55:29 GMT

Delete the 1099R and start over. If you made changes in the RMD section after you inputted the 1099Rs, you will need to delete the 1099Rs and start over. After you delete the 1099Rs, I would recommend logging out and clearing your browser cache and cookies. Cookies are small files that temporarily store data on your computer. We use them to personalize your experience so you see information you already entered and not items that are irrelevant or repetitive. On rare occasions, they may make your browser think you already did something that you still need to do. To fix that, you'll need to delete (clear) the cookies from your browser.
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After you cleared the browser, log back in and enter the 1099R then at the RMD indicate None.

We don't have specific information on the income qualifications or procedures for the third stimulus payment because the measure hasn't been passed yet. However, If you had issues receiving your earlier stimulus, then the best way to ensure that you are one of the first to receive any future stimulus payments is to file your 2020 tax return as early as possible and use direct deposit so that the IRS will have your updated information.

You can find the most up to date information from the IRS here, and updates from TurboTax here as they develop.

Re: I need help regarding the RMD.

fanfare — Fri, 12 Feb 2021 03:07:04 GMT

@Unojoeray

If you are using your distribution for living expenses it doesn't matter how you answer.

It is important only if you are trying to report a rollover.