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RMD and 1099R

Forum|Forum|6 years ago
April 1, 2020
4 replies
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This is our first year taking RMD. We received one distribution prior to April1 , 2020 but do not have a 1099R how do I report it? We are having difficulty receiving a different RMD and may miss the April 1 deadline. We did not receive the form they said they sent what do we do? How do we avoid the penalty if RMD arrives late?

Other

Best answer by NCPERSON1

the CARES act removes the RMD requirement for 2020. That includes anything rolled from 2019.

In fact, you could roll back the distribution you already took this year, as long as it is within 60 days of the day you received it. Talk to your advisor.

J

JotikaT2

It depends.

Are your referring to the 2019 tax year or 2020?

If you are referring to 2019, you should have received a Form 1099-R. If you did not, you should contact your retirement company to ensure you receive your form so you report your income.

The Required Minimum Distribution (RMD) is actually a fixed amount that must be taken out each year once you reach 70 1/2 each year.  Your plan administrator should be following the rules to ensure you are taking the RMD.

Attached is a link to the IRS worksheet if you need to determine what amount is.

RMD Worksheets - IRS

Also is a link with more information on RMD's.

What is a RMD help article

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rjs

Employee

If you received your 2019 RMD in 2020, you will report it on your 2020 tax return, not on your 2019 tax return. For an RMD that you received in 2020, you will get a 1099-R after the end of 2020 (or it will be included in a 1099-R along with any other distributions that you take in 2020). This is true even if the RMD that you received in 2020 is for 2019.

N

NCPERSON1Answer

the CARES act removes the RMD requirement for 2020. That includes anything rolled from 2019.

In fact, you could roll back the distribution you already took this year, as long as it is within 60 days of the day you received it. Talk to your advisor.

S

suzanne_hoytAuthor

We are required to take the RMD in 2019 and we had until April 1. We recieved the distribution from the Carpenters Annuity Trust but did not get a 1099R and we need it to report it on 2019 tax return. The problem is that their office is closed to calls and has been since the check came due to the Covid 19. We told them before the distribution came that we needed the 1099R and assumed they would send it with the distribution. Are you saying we did not need to take the RMD for 2019?

VolvoGirl

Employee

Let's back up. You have until April 2020 to take the first RMD for 2019. So when did you actually take it? In 2020 or by Dec 31, 2019? If you took it in 2020 it goes on your 2020 return Next year. Even though it is for the 2019 RMD you do not report it on 2019 tax return.