How do I report first RMD received in 2024 and due by april 2025?

[EC2of5]

TT 2024 deluxe tells me not to list RMD due by April 2025, so how do I report it?

[rjs]

You misunderstood something. If you received an IRA distribution in 2024 you should have gotten a 2024 Form 1099-R for the distribution. You must enter that 1099-R in your 2024 tax return. The fact that you took the distribution earlier than required doesn't matter.

[VolvoGirl]

If you got the RMD in 2024 it goes on your 2024 return.  Ignore the statement about April 2025.  That's to tell you if you waited to get the first RMD until  Jan 1 to April 1, 2025 not to enter it on your 2024 return.  If you took it in 2025 then it goes on your 2025 return next year with your 2nd year RMD.  

[EC2of5]

when 2024 TT deluxe asks for the RMD amount it specifically says not to list RMD due by April 2025 so where do I list it?

[EC2of5]

So just ignore the form?

[rjs]

You reported the distribution from your IRA when you entered the 1099-R. You do not have to enter it anywhere else. The questions about RMDs in 2024 TurboTax are a little messed up. The question you are looking at is trying to determine whether you took less than you were required to. In your case, you took more than you were required to. For "RMD due by Dec. 31, 2024" you can enter zero, since you did not have any RMD due by Dec. 31. You have still reported the distribution that you took.

[VolvoGirl]

Do not ignore the 2024 1099R for the RMD.  You have to enter it on your 2024 return.  I was just saying to ignore the message in Turbo Tax about April 2025 since you took it in 2024.  

Enter a 1099R under
Federal Taxes
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

[rjs]

There is a lot of misunderstanding about the term RMD (Required Minimum Distribution). The RMD is not money that you took out of your IRA. It's the minimum amount that you are required to take out. The money that you took out of the account is a distribution, not an RMD. The actual distribution could be equal to the minimum amount (the RMD), or the distribution could be more or less than the RMD.

[EC2of5]

Thanks for the answers!  I did withdraw more than required.  If I understand correctly, I do enter the amount of the RMD I took in 2024 that was due by April 2025 and just ignore the message not to report there.

I will report there unless I here otherwise.  Thanks again  

[fanfare]

Due to 2024 TurboTax issues,  ( possibly repaired by now ),
to avoid wrongful penalty, for each 1099-R, tell TurboTax that the calculated required amount is -0-.

Report distribution(s) in any year on the tax return for that year.

If TurboTax tells you otherwise   or implies otherwise because your first 2024 RMD is due by April 1 2025, that's just wrong.

@EC2of5