RMD

[Phil_19]

Because of the grace period for a person's first RMD, my wife took her 2022 RMD in 2023. We would like it to count as income in 2022. Is that possible?

[VolvoGirl]

No.  And she has to take her 2023 RMD by Dec 31, 2023.  So there will be 2 RMD to report on your 2023 return next year.  

[fanfare]

You can still make an estimated tax payment now  for 2022 and apply the resulting  refund to next year.

OR make an estimated tax payment now for 2023.

@Phil_19 

[fanfare]

what are you trying to accomplish by moving the income ?

[Phil_19]

We want the tax liability to be in the 2022 tax year because we're getting an electric vehicle tax credit in 2022. That credit is non-refundable and cannot be forwarded to next tax year. Right now we cannot take the full credit because our tax liability is not big enough.

[DawnC]

If you delayed the RMD and did not take it in 2022, it will be included in your income in 2023.  

[VolvoGirl]

@DawnC   What?  Did you miss a word....not?

[Snap01]

I have the same issue.  My concern is that in the absence of a 2022 1099-R showing the distribution taken during the grace period in 2023 how do I avoid the 50% tax penalty. on my 2022 return?

[VolvoGirl]

Just don't enter anything about it.  It will go on your 2023 return along with the 2023 RMD.  If it asks if you took the RMD just say it was not required.