Hello,
Regarding the Minimum Required Withdrawal:
Where do you place the amount ?
On Schedule B, or... ?
Much thanks for the help; appreciate it, Bob
- posted
7 years ago
Minimum Required Withdrawal Question, Please ?
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- posted
7 years ago
Distributions, whether or not they are Required Minimum Distributions or not, from IRAs are reported on Line 15a of Form 1040, and the taxable amount on Line 15b. Your IRA custodian should be sending you a Form 1099-R reporting the distribution. The 1099-R will generally say that the taxable amount is not determined. If you ever made non-deductible contributions to a Traditional IRA, or you will need to compute the taxable amount on Form 8606. Tax preparation software programs handle all this routinely, populating all the entries based on the numbers you enter from the 1099-R and your answers to follow-up questions such as "Was any part of this an RMD?" and "Did you send any part of this money directly to a charity?"
Dilip Sarwate