dead line for 2024 RMD distribution

[ericngvs]

deadline for rmd distribution

[VolvoGirl]

Normally it is Dec 31, 2024.  But if it is your first year to take a RMD you get to take it by April 1, 2025.  But then you will need to take 2 RMD in 2025.  

[tj-21]

VolvoGirl:

Need help with in-putting of my husbands 1099-R.

-  This is our first year requiring a RMD, husband turned 73 in 2024.

-  Turbo Tax Premier asks for the amount that was required to be distributed by Dec 31, 2024.

-  Turbo then states:

"Do not include RMDs which are due on April 1. RMDs for the first year you're required to take distribution are generally due on April 1."

RMD due by Dec 31, 2024: ___________

My Question: We decided not to wait till April 1, 2024 to prevent reporting 2 RMDs in 2025. He took his RMD in Dec, 2024. I'm a little confused by the wording to not include RMDs due by April 1. Should I be entering our RMD  in the box for Dec 31, 2024??

Also, we took a bit more than our RMD by almost $300. If we are required to enter in the Dec 31, 2024 box, do I enter the actual RMD required amount or the total??

Add'l info: RMD Required: $33,703.28 but took $34,000. Plus additional $12,000 for Roth IRA Conversion. Box 1 on 1099-R : $46,000.

2nd Question:

We also receive one other 1099-R every year for his pension which we input separately in Turbo Tax. This year Turbo Tax asked if we had a RMD for his Pension?? Seemed kind of odd, thought it was due to his age, but we never heard of an RMD with a pension?? Any comments?

Thank you

--Quick follow-up to my question above to clarify:

Which amount do I enter for the RMD?

The $33,703.28 or the $34,000.00, Is Turbo tracking the exact RMD amount??  I have impression we should use $34,000.00 ???

Thank you

[VolvoGirl]

#1  Just enter the 33,703 for the RMD.   Did you figure out the answers for the ROTH Conversion?

#2 Pension.  

It's whatever they send you. Say all of it is the RMD. If you have a RMD requirement it will ask you if it is the RMD. Say yes and enter the amount as the RMD amount. The pension doesn't need to calculate any RMD. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD. 

[tj-21]

VolvoGirl:

If I may summarize to see if I understand correctly:

- What we did was Take hubby's RMD = $33,703.28

                                               plus add'l +   $296.69 (This was an "in kind exchange" (shares of Mutual fund) and

                                                                                        Fidelity recommended we take a little more depending on

                                                                                        price of  security at end of day trading - wasn't cash)

                                                        Total = $33,999.97

- A few days after we did his RMD we did a Roth Conversion of  $12,000.00.

- We received one 1099-R from Fidelity showing: 

     Box 1: $45,999.97

     Box 2a: $45,999.97

     Box 7:   code: "7"  with X in IRA/SEP/Simple Box

     Box 15:  OR-1131596-2

Nothing else in other boxes.

On the screen we should fill in RMD by Dec 31,2024 ? and use the amount of $33703.28 Or $33,999.97? 

I looked at our end of year 2024 fidelity statement and it shows:

       Required Minimum Distribution (RMD) Estimate:
           Total 2024 RMD for this account        $33,703.28
       Year-to-Date:
                   RMD Distributions $33,999.97

So I think maybe I should use $33,999.97 and use $12,000.00 for the Roth Conversion

as opposed to $33703.28 RMD, $12,000.00 Roth and Cash $296.69.

 I'm wondering if turbo wants the exact required RMD amount to keep track? or just the total RMD for the 2024 year weather it is exact or more??           Your thoughts?

Sorry about being a bit lengthy, just want to be clear and concise.

Thank you very much for your help and answering my questions!!!

[fanfare]

[removed]

@tj-21 

[fanfare]

If you did a Roth conversion of exactly $12,000

Subtract that $12,000 from Box1 and that is the amount to tell TurboTax is your RMD.

TurboTax has issues with RMD this year.

@tj-21 

[fanfare]

I guess none of this was helpful to you since you went to another thread for answers.
That's OK. I hope you figured it out.

@tj-21 

[tj-21]

Fanfare,

I meant no disrespect. When I posted in the other thread, I didn't receive a response at first and thought since there was a software update to the problem, people wouldn't be responding or looking at the thread.  I decided to post in the thread you responded to.

Sorry,

[RMD_Question]

Right but we choose to take it in 2024 to avoid moving into a higher tax bracket in 2025.

My problem is that Turbo Tax does not recognize the distribution as taxable? The 2024 distributions is reported  on Form 1040 Line 4a but Line 4b is Zero.  Anyone have a solution?

[ThomasM125]

You must report the Form 1099-R properly in TurboTax in order for the correct taxable income to populate on Form 1040. Without knowing what is on your form, I can't be more specific, so you will have to revisit your Form 1099-R entry and make sure you entered everything correctly and answered the ensuing questions properly.

@RMD_Question