I actually took the 2026 RMD already (in multiple accounts to get it out of the way). I have another 2025 RMDs that was taken in 2025 (with its 1099R) so I am listing it. But I don't understand the Turbo Tax instruction to NOT report RMDs due April (which would be the missed 2025 RMD that I can still take without penalty). Schwab confirms that the 1099R I will receive in 2027 would include the total of 2024 and 2025 RMDs.
So if I don't report the 2024 RMD (taken now before April 1) via creating a substitute 1099R, that 2027 1099R will imply I took it late and trigger a penalty. That said, if I enter the 'under-the-wire' 2024 RMD on 2025 return and pay the tax, when the IRS gets the official 1099R in 2027 and I only pay tax on the 2025 RMD, it will look like I am not paying the full amount they think is due.
