Mandatory deferral of RMD 2020?

Forum|Forum|5 years ago
June 13, 2021
5 replies
30 views

Is it possible for there to be a mandatory deferral of 2020 RMD for a company pension / retirement plan? Everything that I have read states that the deferral of the 2020 RMD is an election that the recipient can make. But I'm not a retirement/pension expert and maybe I'm missing something. Retirement distribution is a small annual amount from a Trust Company for a hospital to elderly retiree. Thanks.

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

Could have sent a letter out asking for confirmation that they wanted it to be distributed since it wasnt required and if no response, they didnt send it?

I had a few of them we had to call the bank and see if they got it and the 1099R was just missing, or if it was never sent.

Just-Lisa-Now-

Intuit Community Champion

In 2020 some banks didnt send the RMD unless the client called in and requested it....its made it hard to know did the client NOT take a distribution, or did they just forget to bring me the 1099R.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

PATAXAuthor

Level 12

I think that is what may have happened. What I cannot understand is how a bank or a retirement plan administrator can do that? If it is an elective deferral of RMD the person has to state that they do not want the RMD, not the other way around?....Maybe I am missing something but something doesn't sound right....

Just-Lisa-Now-

Answer

Intuit Community Champion

Could have sent a letter out asking for confirmation that they wanted it to be distributed since it wasnt required and if no response, they didnt send it?

I had a few of them we had to call the bank and see if they got it and the 1099R was just missing, or if it was never sent.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Sign up

Login with SSO

Let's get you signed in

Login with SSO