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ron46
Level 1
February 2, 2021
Question

2020 RMD

  • February 2, 2021
  • 3 replies
  • 31 views

Do I need to file a 1041 for 2020 with no RMD taken

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3 replies

qbteachmt
qbteachmt
Level 15
February 2, 2021

2020 RMDs were waived:

https://www.irs.gov/newsroom/irs-announces-rollover-relief-for-required-minimum-distributions-from-retirement-accounts-that-were-waived-under-the-cares-act

 

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    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    February 3, 2021

    So there's zero income for that 1041 in 2020?

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      TaxReturnPros
      Level 3
      February 3, 2021

      Personally, if the RMD is the only income for 2020 (Zero Income), but your 1041 client will have sufficient income to have to file in future years, I would file a Zero Income/Loss Tax Return with the IRS for 2020 anyway. It leaves no room for IRS sending your client a late filing notice (even with zero income). As well, your client/you/IRS will have a sequential record of all years tax returns.

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