Question

How do I know if the RMD from a 1099-R is the yearly amount? It's the same as last year. (Doing my Mother-in-laws taxes as she has Alzheimer's.)

Forum|Forum|5 years ago
March 11, 2021
1 reply
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TurboTax Deluxe Online

It is the taxpayer's responsibility to determine the RMD amount, but the administrator of the account will help calculate that amount and distribute the correct amount.

However, the RMDs have been waived for tax year 2020.

Please read this IRS document for more information.

There is no reporting required for RMDs in 2020. In TurboTax, you can choose any of the options proposed when asked about the RMDs. There is no penalty.

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