1099-R entry in TT (NON-IRA,401K,simple ira) is requesting RMD

Forum|Forum|3 years ago
March 4, 2023
1 reply
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I have a 1099-R for a non-IRA, non-401K and non-simple IRA income...simply retirement income from an annuity that was purchased from taxed income and TT asks me to complete RMD section (which does not apply to this annuity) and then somewhat warns/scolds me that I will owe 50% tax. This is wrong! How do I enter this income?????? The income of course is from growth on the already taxed money....and with this particular annuity, it is set up as "last in/first out". RMD should NOT apply with this annuity income. Please provide some clarity for me as far as entry so I don't set off any IRS alarms. Thank you

MichaelG81

Can you please clarify, what codes are in your boxes of your 1099-R? Are amounts, basis included on form? Does it have a taxable amount on the form?

@drivemetodrink

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drivemetodrinkAuthor

Employee

Box 1 & 2a have same amount; 2b is blank (no check marks); box 5 is $0.02; box 7 is 7D; all others are blank or zero. Thank you for asking..I appreciate your assistance.

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DanaB27

You seem to be getting the 50% penalty tax for not taking an RMD. If you don't own any retirement account that requires RMD then you will select on the "Tell us more about the retirement plan distribution" screen "I was not required to take an RMD for 2022". Your age triggered this question.