topic Cares Act in Retirement tax questions

Cares Act

CD166 — Sat, 13 Mar 2021 15:26:27 GMT

I was told by my 401K advisor at Jackson Life Insurance that because of the Cares Act I did not need to take an RMD in 2020 CY. Upon this advice I did not take an RMD in 2020 CY and wanted to make sure that this was the case because there was not a question in TurboTax mentioning the Cares Act so far.

Re: Cares Act

DoninGA — Sat, 13 Mar 2021 15:29:00 GMT

IRS website - https://www.irs.gov/newsroom/irs-announces-rollover-relief-for-required-minimum-distributions-from-retirement-accounts-that-were-waived-under-the-cares-act

The CARES Act enabled any taxpayer with an RMD due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020.

Re: Cares Act

VolvoGirl — Sat, 13 Mar 2021 15:29:53 GMT

That is right. If you didn't take the RMD in 2020 then don't enter anything. If you had taken it and got a 1099R you could put it back in. Then there would be questions in Turbo Tax after you entered the 1099R. But if you didn't get a 1099R this year there's nothing you need to enter or answer about it.

Re: Cares Act

CD166 — Sat, 13 Mar 2021 15:39:19 GMT

Thank you!