Question

IRA

Forum|Forum|5 years ago
March 8, 2021
1 reply
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I was told by a bank representative that for the year 2020 we can opt out from having a minimum distribution from our IRA. I took the option and as a result I was not given a 1099 R . Is there anything I need to report to the IRS? And how will this affect my 2021 account of the IRA?

Not A Product Question

The RMDs have been waived for tax year 2020.

Please read this IRS document for more information.

If you did not take the RMD in 2020, you will not get a form 1099-R and do not have to report anything about the RMD on your 2020 tax return.

In 2021, you are required to take a RMD before December 31, 2021 and your bank can advise you about the amount to be withdrawn.

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