How do I enter a Required Minimum Distribution?
Below is the full transcript for the above video.
TurboTax will guide you through the process of entering your Required Minimum Distribution, or RMD.
Form 1099-R shows how much money you got from your retirement accounts, like pensions and annuities. Your plan administrator calculates your RMD each year, and the IRS says you need to start taking your RMD when you turn 73.
To enter your RMD in TurboTax, you can import your 1099-R, upload it from your computer, snap a photo, or type it in.
Box 7 shows the distribution type, with a question mark icon beside it explaining each code. Enter the codes exactly as they appear on your 1099-R.
As you continue, TurboTax will ask key questions to make sure you withdraw enough money, avoiding potential IRS penalties.
RMD rules apply to almost all retirement accounts, except Roth IRAs while the owner is alive.
