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posted Feb 3, 2025 11:37:43 AM

Forms for RMD for 2024

We withdrew an IRA from one credit union to another in Jan. 2024. We didn't receive an RMD form from either place for RMD for 2024. We did take some out during 2024, but doing taxes we do not have the actual RMD amount. Can I estimate the amount (suggested by Turbo Tax of 4%)?  We didn't withdraw quite enough but now Turbo Tax says there is an update to follow.  Correct?

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Level 15
Feb 3, 2025 4:13:38 PM

"Can I estimate the amount"

 

There is no justification for estimating rather than properly calculating the amount required to be distributed.  The calculation is based on the 2023 year-end balance which would be present on the year-end statement of the IRA.  Nothing that happened in 2024 changes the result of that calculation.