Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mg055
Returning Member

1099-R

My mom passed away in 2018 and my brother and I each inherited 50% of her traditional IRA. We each took the lump sum option in 2019 as the IRA didn’t have a lot of money in it, knowing we would have to pay taxes on the money. When doing our taxes, the turbotax program is asking if this withdrawal was a “Required Minimum Distribution ” and I don’t know the answer. The options to answer are:
*Yes (All or part of the withdrawal is an RMD) or
*No (It is not an RMD) (Not a common answer)
 
Since it says no is not a common answer, my tendency would be to answer yes, but no seems like the right answer since I took a lump cash sum.
2 Replies
HelenC12
Expert Alumni

1099-R

I'm so sorry for you loss.

 

Answer, no, this is not a Required Minimum Distribution (RMD) for you.
 

RMD's would have pertained to your father, when he was filing his income tax return. The IRS requires people who have retirement funds to take RMD's when they reach the age of 70½ on the date that is 6 calendar months after their 70th birthday.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
macuser_22
Level 15

1099-R

If your mother was age 70 1/2 or older then the IRA distribution is a RMD.     Just  answer yes it was all a RMD since you closed the account.

 

Beneficiaries of IRA'a are require to take the RMD if the owner of the account was, however determining the RMD amount is not necessary unless less than the RMD was taken.   Closing the account guarantees that the RMD was satisfied.  

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Dynamic AdsDynamic Ads
Privacy Settings
v