topic Re: RMD & COVID in Retirement tax questions

RMD & COVID

msehein — Sat, 06 Mar 2021 20:14:11 GMT

My husband has RMD's from his deceased father. We didn't know until now that they were not required to be distributed in 2020 due to COVID. He was auto distributed one of them and not the other.

TurboTax is asking if he received all of his RMD. Do I say yes, since he didn't have to receive them so not getting the 2nd one is not an issue?

Thank you.

Re: RMD & COVID

Bsch4477 — Sat, 06 Mar 2021 20:22:41 GMT

There will be no issue for not receiving the second distribution. Technically there was no RMD in 2020. You could answer the question either way and the result on your tax liability would be the same. Basically, you would be taxed on that one distribution.

Re: RMD & COVID

msehein — Sat, 06 Mar 2021 20:24:58 GMT

Perfect, thanks!

Re: RMD & COVID

fanfare — Sun, 07 Mar 2021 01:11:20 GMT

Were you or your spouse impacted by COVID in 2020 ?.

If so, you can pay back that RMD money before the due date of your tax return.

You might consider that if you have a Stretch Inherited IRA that is growing nicely.