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I turned 70 1/2 Jan 8, 2015. Reported entire IRA dist’n as RMD in both ‘15 and ‘16. How to correct? How will it change my tax burden for those two years?

If my DOB 7/8/1944, did I turn “70 1/2” in ‘14 or ‘15?   L

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Level 15

I turned 70 1/2 Jan 8, 2015. Reported entire IRA dist’n as RMD in both ‘15 and ‘16. How to correct? How will it change my tax burden for those two years?

As you indicated in your question, you turned 70½ on January 8, 2015.

Indicating that your entire distribution was RMD is fine.  TurboTax only asks the question to determine if any of the distribution was eligible for rollover.  Presumably you did not roll over any of these distributions, so it doesn't matter how you answered this question.

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Level 15

I turned 70 1/2 Jan 8, 2015. Reported entire IRA dist’n as RMD in both ‘15 and ‘16. How to correct? How will it change my tax burden for those two years?

As you indicated in your question, you turned 70½ on January 8, 2015.

Indicating that your entire distribution was RMD is fine.  TurboTax only asks the question to determine if any of the distribution was eligible for rollover.  Presumably you did not roll over any of these distributions, so it doesn't matter how you answered this question.

View solution in original post