RMD report question

[amt_blues]

My 70th birthday was in January 2018, and I made no RMD in 2018. In March 2019, I made the 2018 full year RMD. I then made the 2019 full year RMD in 2019. The 1099-R form I received from the same payer lumped the two years’ RMD into one sum.

I'm filing my 2019 return with TurboTax Premier. During the 1099-R interview, there is a message: “We noticed that you have a Form 1099-R from xyz last year, but you did not enter any information for 2019. Select Back to enter information for this payer, or select Delete and we’ll remove this form from your return.”

I think I need to separate the lump sum into 2018 RMD and 2019 RMD. The Back button does not seem to offer a way to do so. Please help.

[DeanM15 · Accepted solution]

There are no special forms to file for making a Required Minimum Distribution by the required date. You can enter the 1099-R as written and as all RMD. There is no need to separate the figures on the 1099-R. 

The deadline for the Required Minimum Distribution for the year you turned 70.5 was April 1, 2019. You made the distribution by that date and you made the distribution for 2019 by Dec. 31st. The IRS receives notice through the Form 5329 filed by your brokerage or bank. 

[amt_blues]

Thanks so much. I'll click Delete to remove the 1099-R form from 2018.

[lynnerd]

How do I answer the question of "did I take my RMD for 2019?" when I didn't take it in 2019 because I had until April 1, 2020 to take it since it was my first year.

[ColeenD3]

You say no. 

Please see this LINK.

[ibap]

Hubby has taken his RMD for his IRAs from one account, and has covered the RMD for all of those.

He will take his 401k RMDs by April 1.

We say no, he didn't take it all by December 31, and then explain it will be taken by April 1?

[MayaD]

Answer Yes that you took the RMD and then make sure you withdraw the RMD for 2019 by April 1, 2020. The distribution will be included on your 2020 tax return.

[rpcarltonsr]

Okay, I'm confussed. 

ColleenD3 answered "You say no" to the question: 

How do I answer the question of "did I take my RMD for 2019?" when I didn't take it in 2019 because I had until April 1, 2020 to take it since it was my first year.

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Reply

But MayaD said say yes. So which is it??

Thanks,

[#9]

How do I answer the question of "did I take my RMD for 2019?" when I didn't take it in 2019 because I had until April 1, 2020 to take it since it was my first year.

[macuser_22]

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@rpcarltonsr wrote:

Okay, I'm confussed. 

ColleenD3 answered "You say no" to the question: 

How do I answer the question of "did I take my RMD for 2019?" when I didn't take it in 2019 because I had until April 1, 2020 to take it since it was my first year.

0

Reply

But MayaD said say yes. So which is it??

Thanks,

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@rpcarltonsr    It is not clear why you are getting the RMD question in 2019 at all unless you have a 2019 1099-R to enter.  If you do, then what is the 1099-R for?   What code is in box 7 and is the IRA/SEP/SIMPLE box checked.

[#11]

How do I answer the question of "did I take my RMD for 2019?" when I didn't take it in 2019 because I had until April 1, 2020 to take it since it was my first year.

[rpcarltonsr]

Okay there is a tab that says "Tell Us More About This Retirement Plan Distribution" and it seems to refer to all my plans. My options are I received all the RMD for 2019. I did not receive all the RMD for 2019 or I was not required to take an RMD for 2019. I turned 70.5 in June 2019 so I needed to take the RMD (an have done so as of February 24, 2020) no later than April 1, 2020. So since this is for 2019 RMD I'd like to know whether I'm supposed to say yes I did receive all or no I did not receive all.

[macuser_22]

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@rpcarltonsr wrote:

Okay there is a tab that says "Tell Us More About This Retirement Plan Distribution" and it seems to refer to all my plans. My options are I received all the RMD for 2019. I did not receive all the RMD for 2019 or I was not required to take an RMD for 2019. I turned 70.5 in June 2019 so I needed to take the RMD (an have done so as of February 24, 2020) no later than April 1, 2020. So since this is for 2019 RMD I'd like to know whether I'm supposed to say yes I did receive all or no I did not receive all.

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If this is your first RMD and are deferring to Apr 1 of 2020 to take it all, then it is still a 2019 RMD, so answer yes, that you took all the 2019 RMD, otherwise TurboTax will add a5329 form for the penalty for not taking the 2019 RMD.  Defering to 2020 does not make it a 2020 RMD - the 2020 RMD must also be taken before the end of 2020.

[rpcarltonsr]

Thanks for clearing that up! That's what I thought but I wanted to make sure I was understanding the situation correctly. I appreciate your help!

[fanfare]

No, if you  turn 70 1/2 in 2019 but did nothing in 2019 you won't get any 1099-R.

And TurboTax will not be asking about it.

[macuser_22]

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@fanfare wrote:

No, if you  turn 70 1/2 in 2019 but did nothing in 2019 you won't get any 1099-R.

And TurboTax will not be asking about it.

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The poster must have a 1099-R to enter or they would not even see that question.  It is not clear if the poster receives a partial 2019 RMD or a distribution from a different type of retirement account.