topic Re: IRA in Retirement tax questions

IRA

AmH01 — Fri, 22 Oct 2021 20:44:33 GMT

Where and how do I enter both an RMA distribution & a cash distribution on my 1040-SR.

Re: IRA

macuser_22 — Fri, 22 Oct 2021 21:24:57 GMT

There is no difference. A RMD is only what is required. If you take more than the RMD then The RMD has been met. Just answer yes, you took the RMD.

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD or use it for an ineligible rollover.

The question is just to be sure that the requirement was met.

Re: IRA

VolvoGirl — Fri, 22 Oct 2021 21:34:00 GMT

What's the difference in a IRA distribution and a cash distribution? Did you take cash out of a IRA? You will get a 1099R for any IRA withdrawals. Just enter the 1099R.

The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

Don't enter the bank or broker name and don't try to import it. It is just as fast and easy to manually enter it. At the bottom pick - Change How I enter my Form

Then on the next screen pick I'll Type it in Myself