topic RMD on a 401-K in Retirement tax questions

RMD on a 401-K

darbutis — Sat, 13 Feb 2021 19:23:27 GMT

Husband had income in 2020 from a 401-K pension plan. I've checked that all or part of the distribution was RMD. Now Turbo Tax wants to know how much of it was RMD. There has been no mention from the former employer of RMD. How do I proceed?

Re: RMD on a 401-K

npierson7 — Sat, 13 Feb 2021 19:59:40 GMT

You can put 0 as RMD in your 2020 tax return. The IRS waived RMD in 2020, so this won't cause additional taxes and won't affect your 2020 federal tax refund.

Re: RMD on a 401-K

darbutis — Sat, 13 Feb 2021 20:42:11 GMT

Husband turned 71 in May 2020. Further research looks like minimum age for RMD has been changed to 72? Assuming I should indicate that no RMD was taken. Correct?

Re: RMD on a 401-K

npierson7 — Sat, 13 Feb 2021 22:25:32 GMT

Yes, you're correct. You'll have to take RMD in 2021, unless other changes made for the RMD during the year.