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January 17, 2025
Solved

Have an inherited IRA that I withdrew some $ from with taxes withheld. Not required to take RMD's but system doesn't allow 0 for RMD amount. Any workaround?

  • January 17, 2025
  • 1 reply
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Original owner died in 2023 with RMD satisfied for that year. I have 10 years to withdraw the $ and I'm not old enough for any RMD's. System doesn't allow $0 for RMD amount (or $1 for that matter). Any workaround appreciated.
    Best answer by dmertz

    Whether or not you are subject to annual beneficiary RMDs under the 10-year rule depends on the age of the original owner, not your age.  You age is just used to determine the amount of an RMD that might be required under the 10-year rule.

     

    I assume that you are not the spouse of the decedent.  If that assumption is correct and you are not subject to RMDs under the 10-year rule, you can simply indicate any amount up to the gross-distribution amount (box 1 of the Form 1099-R) as the RMD amount.  Doing so will prevent TurboTax from generating Form 5329 Part IX.

    1 reply

    dmertzAnswer
    Employee
    January 17, 2025

    Whether or not you are subject to annual beneficiary RMDs under the 10-year rule depends on the age of the original owner, not your age.  You age is just used to determine the amount of an RMD that might be required under the 10-year rule.

     

    I assume that you are not the spouse of the decedent.  If that assumption is correct and you are not subject to RMDs under the 10-year rule, you can simply indicate any amount up to the gross-distribution amount (box 1 of the Form 1099-R) as the RMD amount.  Doing so will prevent TurboTax from generating Form 5329 Part IX.