topic Re: RMD in Retirement tax questions

RMD

upmanise — Fri, 12 Mar 2021 01:08:13 GMT

No distribution required for 2020. I did not take out any money in 2020, how do I enter this on my return?

Re: RMD

PattiF — Fri, 12 Mar 2021 01:20:47 GMT

If you did not take out any money, then you would have not received a 1099-R. There is nothing to report on your tax return.

RMDs were waived for 2020, and there were no required distributions.

Re: RMD

MrVette — Tue, 16 Mar 2021 15:28:58 GMT

Why does Turbo Tax ask for the 2020 required RMD and the actual RMD when in fact no RMD was required per the Cares Act? Also on the page before it is set up to request a waiver of the tax if you took less than required. Seems like its needlessly leading me down a rabbit hole.

Re: RMD

DaveF1006 — Tue, 16 Mar 2021 23:26:19 GMT

It depends. You may have missed a step when you reported the distribution.

Go to federal>wages and income>all income
Retirement plans and Social Security>show more
Ira (401K), pension plan Withdrawals(1099R) revisit
Here you will edit your 1099R. Select edit. Scroll past the entry of the 1099-R
While scrolling, you will land on a screen that says "About this Retirement Account" Here you will check the box that says none of this distribution was an RMD.
Now you will scroll and continue through the next dozen or so screens and you will reach a page that says "Tell us More About This Retirement Plan Distribution"
Here you will select that you were not required to Take a Retirement plan Distribution.