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Retirement

Compute required minimum distributions

To compute a required minimum distribution for the following tax year, perform the following steps.
  1. Enter data on the
    1099R
     screen in the
    T
    ,
    S
    ,
    Payer’s name,
     and
    Account number
     fields.
  2. Enter
    X
     in the
    Print Required Minimum Distribution Worksheet for this unit
     field on the
    1099R-3
     screen.
  3. Indicate which
    Type of plan
     the account is.
  4. Enter the
    Value on 12/31/22
     for the account.
    note
    This 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 the
    IRA
     screen.
  5. If the taxpayer/spouse is the original account owner, then answer the
    Is spouse the sole beneficiary of the account?
     question. Otherwise, input data on the type of
    Type of beneficiary
     the 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.
    note
    UltraTax 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 the
    Required minimum distribution (Force)
     field on the
    1099R-3
     screen. 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.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Retirement

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