How to show RMD postponed

5 replies
32 views

My first RMD was due in 2022 since I turned 72 in March 2022. I have opted to take the RMD before April 1, 2023. In turbo tax if I show the amount and 0 taken it asks for a reason to avoid tax. Do I just state that RMD will be taken before 4/1/2023?

dmertzAnswer

Level 15

Yes, deleting the form was the correct thing to do. If there was some other reason that that form was needed, which seems unlikely, TurboTax would have regenerated it.

fanfare

Level 15

your deadline is April 1 so there is nothing to do.

You should keep silent about this on your 2022 tax return.

It will all be handled on your 2023 tax return.

@Allis1939

dmertz

Level 15

To avoid TurboTax erroneously generating a 2022 Form 5329 that reports a missed RMD, tell TurboTax that either no RMD was required or that you received all of your 2022 RMD.

Allis1939Author

Level 2

I indicated the box showing RMD not required. However, when I went into forms view a Form 5329 showed up saying it was not completed. Looking through the form, I did not see any lines where I could indicate the RMD was postponed. I deleted the form. Hopefully that was the correct thing to do.

dmertzAnswer

Level 15

Yes, deleting the form was the correct thing to do. If there was some other reason that that form was needed, which seems unlikely, TurboTax would have regenerated it.