2020 Tax Reporting of Suspended & Rollback RMDs
In response to client questions about 2020 tax documents, as a reminder, IRA owners who rolled back RMD distributions will receive two documents for 2020 tax filings.
In 2020, the CARES Act enabled IRA account owners taking Required Minimum Distributions (RMDs) the option to suspend all 2020 distributions. Additionally, any distributions made January 1, 2020 or later were eligible to be rolled back into the IRA.
In preparation for 2020 tax filing, you may receive the following tax documents:
Form 1099-R – reporting IRA distributions
Form 5498 – reporting amounts rolled back into an IRA
Please contact Jaycee Smalley at 713-388-6322 or jsmalley@newcapitalmgmt.com if you have any questions or require further assistance.