topic Re: 2020 RMD deferral in Retirement tax questions

2020 RMD deferral

handicap18 — Fri, 19 Feb 2021 16:59:30 GMT

I did not receive 1099Rs for those IRAs that I chose to not receive a RMD in 2020. What do I do with those accounts in the list of IRAs on TT and where do I enter the total value of IRA accounts as of Dec 31st ? All this assumes we will return to taking RMDs in 2021.

Re: 2020 RMD deferral

DanaB27 — Mon, 22 Feb 2021 12:29:18 GMT

Yes, RMD were waived in 2020. If you did not take RMD and did not get any 1099-R then you will have to delete the 1099-R information from your 2020 return. Also, when TurboTax asks indicate that you were not required to take RMD.

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R” and you should see the “Review your 1099-R info” screen
Click on the "trash icon" to delete the 1099-R information.

You will not have to enter the value of your IRS on the tax return if you didn't take any distribution.

Re: 2020 RMD deferral

handicap18 — Sun, 21 Feb 2021 23:21:17 GMT

Thanks for the answer, a few additional details: I took a partial RMD from one IRA that was a QCD and zero from the other 5 IRAs. I have deleted those from the list. Normally Forms 8606 were calculated for the adjustment since some of the IRA contributions were non-taxed and others were post taxed so there was adjustment to the taxable amounts. How will that information be carried forward to 2022 when we file 2021 taxes.

Re: 2020 RMD deferral

SamS1 — Mon, 22 Feb 2021 01:30:30 GMT

When you re-enter the 1099Rs, you will be asked for basis information on non-deductible contributions. Keep your 8606 from 2019 as you will need to enter your IRA basis in 2021.

Re: 2020 RMD deferral

handicap18 — Sat, 06 Mar 2021 16:26:17 GMT

Thanks - That is what I expected was the approach and wanted to be certain.