Reporting RMDs on Taxes

Forum|Forum|2 years ago
April 13, 2024
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My dad died in 2023 at the age of 76 and I was 48. He had an IRA with his company that was held by Edward Jones. I was told by Edward Jones that he had not yet taken his RMD, so I took the full amount at the end of 2023 and reported it on my taxes after receiving a 1099-R.

I then received a 1099-R from his pension company, reporting a 2023 payment that he received before he died. I called the pension company who sent the form to ask if the amount was considered an RMD, and was told it was a monthly pension payment, a “qualified payment”, and those benefits ended when he died.

I am trying to determine how to answer the TurboTax question asking if all or some of the amount he took of this was an RMD. I assume that all of it was considered an RMD at the time it was taken, but now it seems we took more than was “required”. Would both of these payments (the one he took and the one I took) still be considered RMD’s?

Also, in my scenario, if you have any insight into whether or not I am required to deplete the Edward Jones IRA account within 10 years, feel free to share opinions on that as well. Thank you for your help!

Best answer by DianeW777

'Yes' it was a required minimum distribution (RMD) is the correct responses to the question.

Non-spouse beneficiary options

If the account holder's death occurred prior to the required beginning date (or if the account is a Roth IRA), the non-spouse beneficiary's options are:

Take distributions based on their own life expectancy, beginning the end of the year following the year of death, or
Follow the 5-year rule

If the account holder's death occurred after the required beginning date, the non-spouse beneficiary may:

Take distributions based on the longer of their own life expectancy or the account owner's remaining life expectancy.
- For more information see the IRS Retirement Topics-Beneficiary

I send my sympathies to you and your family.

DianeW777Answer

'Yes' it was a required minimum distribution (RMD) is the correct responses to the question.

Non-spouse beneficiary options

If the account holder's death occurred prior to the required beginning date (or if the account is a Roth IRA), the non-spouse beneficiary's options are:

Take distributions based on their own life expectancy, beginning the end of the year following the year of death, or
Follow the 5-year rule

If the account holder's death occurred after the required beginning date, the non-spouse beneficiary may:

Take distributions based on the longer of their own life expectancy or the account owner's remaining life expectancy.
- For more information see the IRS Retirement Topics-Beneficiary

I send my sympathies to you and your family.

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