topic RMD reporting in Retirement tax questions

RMD reporting

Ron51 — Wed, 18 Mar 2020 16:08:16 GMT

Turbo Tax Question: "Tell us how much of $xx you received applies to the RMD that needed to be taken out." When one has multiple investments, is it important to identify what part of this distribution was an RMD versus saying "all"? For all my investments in total, I make sure that the sum of all the amounts distributed exceeds the RMD for all my investments.

Re: RMD reporting

JulieS — Wed, 18 Mar 2020 16:36:24 GMT

No, not really, as long as you are certain your RMD was taken during 2019.

The information about the amount of your RMD doesn't appear on your tax return, unless you failed to take the minimum amount. This information is just used by the program to figure out if you owe a penalty.

Re: RMD reporting

fanfare — Wed, 18 Mar 2020 16:55:25 GMT

regarding distribution over the RMD, you have options on what to do with that money.

If you are taking it all out as cash, reply "ALL" or 100%.