topic Re: required minimum distribution reporting in Retirement tax questions

required minimum distribution reporting

Tony R1 — Wed, 19 Feb 2025 18:25:28 GMT

Where on Turbo Tax do I report my RMD when no 1099-R was issued by my financial institution ? None of it is taxable since all went to a qualified charitable distribution.

Re: required minimum distribution reporting

xmasbaby0 — Wed, 19 Feb 2025 18:33:29 GMT

You should still have a 1099R. Contact the plan or look on their website for the 1099R. Or you might be able to import it.

If your bank or financial institution is not on the drop down list, click the words “I’ll type it in myself” and key in your information by hand.

See if your financial institution is on the Partner List - If not, you will have to enter the information manually.

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

Re: required minimum distribution reporting

Tony R1 — Wed, 19 Feb 2025 21:26:02 GMT

My financial institution says that since the requested RMD is a Qualified Charitable Distribution (QDC), there is no tax liability. Therefore, a 1099-R is not required and will not be issued to me. The same transaction was processed in 2023 and a 1099-R was issued to me and the total amount of that QCD was listed in the "taxable income" box. Turbo Tax translated this entry with a QCD notation on my 1040 tax form. I think the IRS may have finally gotten its act together and realized that the QCD is NOT taxable and should not be reported on a 1099-R. Eventually, the IRS may make another box that will reflect this situation and allow the use of a 1099-R as a way of reporting a RMD!! My problem still remains. Turbo Tax seems to be behind the times as I can't find a way to show the QCD on my return.

Re: required minimum distribution reporting

ThomasM125 — Wed, 19 Feb 2025 21:36:56 GMT

As long as you took your required minimum distribution, assuming you had one, you don't need to report it on your tax return. You would only need to report it if you didn't take it, so you could pay in the penalty tax. You don't need to report the qualified charitable deduction or associated contribution either if was not reported on a Form 1099-R, as it does not represent taxable income or therefore a deduction.