RMD withdrawal

[Whitep]

The Federal Government announced that we didn't have to take our RMD in 2020 because of COVID.  I had already taken out part of my RMD and didn't take the rest (full amount).  As I do Turbo Tax it has me fill in the full RMD amount announced for 2020 and then show what I had paid.  It sounds like I will be penalized 50% of what I didn't take.  Please advise why Turbo tax doesn't say it is ok because of the COVID announcement.

[DanaB27 · Accepted solution]

Yes, RMDs were waived for 2020. Please select "none" was RMD and "you were not required to take RMD" during the 1099-R section interview.

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “1099-R”
3. Click on “Jump to 1099-R”

[Bsch4477]

Since there was no RMD for 2020 do this. First delete the 1099-R you were working on. Then answer “no” when you are asked if it was RMD and follow the prompts. 

[Whitep]

Thanks