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Get your taxes done using TurboTax
Sounds like you found the place to enter it in the 1099-R section.
Taking $$ before the RMD age is only a mistake if you are under age 59.5 (due to an extra 10% penalty). Any time after that....up until your RMD age...it's up to you as to whether you want or need any $$.
Also, the RMD age for you is likely the year you reach age 73...it was bumped up again.
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From the IRS instructions printed a couple years ago:
"Required Minimum Distributions (RMDs) are minimum amounts that IRA and retirement plan account owners generally must withdraw annually starting with the year they reach age 72 (73 if you reach age 72 after Dec. 31, 2022)."
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎October 6, 2024
7:03 AM