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Level 2
February 26, 2025
Question

First RMD?

  • February 26, 2025
  • 1 reply
  • 3 views

I turned 73 in 2024.  This is my first year for RMDs.  The withdrawals were made before the end of 2024.  When I enter the 1099R, TT asks how much of the withdrawal was for an RMD, but it tells me not to include First year RMDs (that are technically not due until 4/1/2025).  If I enter $0 as TT instructs, TT does not ask for the RMD amount.  Will this get me in trouble next year?

1 reply

VolvoGirl
Level 15
February 26, 2025

No that's ok.  That info does not get sent  to the IRS.  That's just so Turbo Tax can calculate a penalty if you didn't take the full RMD.  

gr8white6Author
Level 2
February 26, 2025

Thank you.  Would it hurt anything for me to put the RMD amount in for my records?