No. You should not answer zero, nor the entire amount found in box 1, unless you are certain that one or the other is your correct required minimum distribution (RMD).
The total distribution from Form 1099-R that is in box 1 is not always equal to the RMD. Therefore, you will need to contact your financial advisor to ask for assistance.
Once you have the correct amount for your RMD, you can then complete the information being requested with the correct amounts.
If you are now at the age, but did not take the distribution, here are a few things to know:
- You must immediately take the distribution to minimize penalties, which are 25% of the shortfall, or 10% if corrected within two years
- The first RMD must be taken by April 1 of the year following the year you reach age 73
- Subsequent RMDs are required by Dec 31 annually
Click the following links for more information, What are required minimum distributions (RMD)?
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