Compute required minimum distributions
To compute a required minimum distribution for the following tax year, perform the following steps.
- Enter data on the1099Rscreen in theT,S,Payer’s name,andAccount numberfields.
- EnterXin thePrint Required Minimum Distribution Worksheet for this unitfield on the1099R-3screen.
- Indicate whichType of planthe account is.
- Enter theValue on 12/31/22for the account.noteThis field only applies to the Required Minimum Distribution (RMD) Worksheet and is required to compute the RMD. For use on Form 8606 for Traditional IRAs or on Form 5329 for Roth IRAs, enter this amount on theIRAscreen.
- If the taxpayer/spouse is the original account owner, then answer theIs spouse the sole beneficiary of the account?question. Otherwise, input data on the type ofType of beneficiarythe taxpayer/spouse is for the account, and the deceased original owner’s name, date of birth, and date of death.Depending on your client’s circumstances, the Worksheet for Owners or the Worksheet for Beneficiaries will calculate the RMD based on the data you enter.noteUltraTax CS uses the Required Minimum Distribution (RMD) Worksheet to compute the amount required to be distributed from the account for the following year. To override the default calculation from the worksheet, enter the desired RMD amount in theRequired minimum distribution (Force)field on the1099R-3screen. Then the tax application doesn’t calculate the worksheet, but instead uses this amount entered to display directly on line 7 or line 21 of the worksheet, as well as the Required Minimum Distribution (RMD) Summary.
