I inherited in 2020, both an Inherited Roth and Inherited traditional IRA. Under the SECURE and CARES act, people have 10 years to withdraw all the money but certain folks including myself can use Lifetime expectancy rules. I happen to have Cerebral Palsy and get Social Security Disability. Is there anything I need to do differently in TurboTax to state that I am disabled thus do not have to do the 10 year distribution?
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No, you do not have to enter anything differently. TurboTax does not calculate RMDs and will only tack on a penalty if you tell it that you did not take the entire RMD. Likewise, it will not force you to do a total distribution from an inherited IRA after five or 10 years.
No, you do not have to enter anything differently. TurboTax does not calculate RMDs and will only tack on a penalty if you tell it that you did not take the entire RMD. Likewise, it will not force you to do a total distribution from an inherited IRA after five or 10 years.
I understand I wouldn't have to do anything differently in turbo tax as long as I enter the total RMD was taken even if it was not because of the disability as status. I've been on disability since 2011. Do I need to notify the IRS or contact them so that I am exempt from the 10 year rule? I am not of retirement age.
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