age error

Forum|Forum|5 years ago
January 21, 2021
1 reply
1 view

I entered a 1099R for my wife's retirement income and the next screen told me she was 72 in 2020 in reference to RMD's. That is not correct; her birthdate is entered correctly on the personal info page. I'm concerned that this error will affect other functions in TT.

sls50211

Level 9

The Cares Act brought about suspension of required minimum distributions (RMD) for tax year 2020 for those reaching age 72, or age 70 1/2 for years before 2020. That is where the age 72 number is being referenced with relation to the RMD question. The Cares Act changes gave taxpayers over the age of 70 1/2 to repay back into their IRAs any RMD taken in 2020 if done by 8/31/20. TurboTax is correctly referencing your wife's age in the info section.

Click Here for more information on The Cares Act and RMDs

Click here about FAQs on Required Minimum Distributions

one_elmwoodAuthor

Level 3

The page in question clearly stated: "(wife's name) was 72 years old in 2020" which is incorrect. Someone needs to correct the code that resulted in this miscalculation. That error could result in another miscalculation somewhere farther along in my return.