topic I've prob entring RMD for '20. Recvd by MS/SB '21, not sent to me til '21 in Retirement tax questions

I've prob entring RMD for '20. Recvd by MS/SB '21, not sent to me til '21

caj925 — Fri, 19 Mar 2021 05:01:23 GMT

I have the money for '20 RMD but recvd in '21. No 1099 for '20 to say I requested RMD in 2020. So in '21 I will have 2 RMDs?

Re: I've prob entring RMD for '20. Recvd by MS/SB '21, not sent to me til '21

MinhT1 — Fri, 19 Mar 2021 15:25:42 GMT

The RMDs have been waived for tax year 2020.

Please read this IRS document for more information.

If you did not receive a RMD for 2020, there is nothing to report about the RMD on your tax return. There is no penalty.

For 2021, your 2020 RMD which you receive in 2021 could serve as your 2021 RMD if the amount is correct.

You can always withdraw your RMD for 2021 but you don't have to if the RMD that you already received is sufficient.

Re: I've prob entring RMD for '20. Recvd by MS/SB '21, not sent to me til '21

dmertz — Fri, 19 Mar 2021 16:46:31 GMT

Since RMDs were waived for 2020 and this distribution was not made until 2021, this distribution has nothing to do with 2020 despite you having requested that it be made in 2020. As MinhT1 said, it constitutes part or all of your 2021 RMD. If you want to limit your distributions in 2021 to just the 2021 RMD, make sure that any subsequent distributions do not exceed the remaining portion of your 2021 RMD.