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?
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.
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.
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.
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.
Thank you. I went back into Turbo Tax and the form is no longer there even when I rebooted the program. Since the IRS is not looking for the form until next year, I feel confident that this was the correct thing to do. Appreciate everyone taking the time to get back to me.