Required Minimum Distribution - how to report in Turbo Tax
My 401k holder says the RMD will be paid to me before April 1st 2023. But what do I do in Turbo Tax?
031309
3 Replies
VolvoGirl
Level 15
Mar 21, 2023 6:10:34 PM
For the 2022 RMD? Is this your first one? You don't enter it on 2022. It will go on your 2023 return next year along with your 2023 RMD. Unless it is your first RMD you will owe a penalty for not taking it in 2022. But I don't know how you tell it that. @dmertz
slbranson
Returning Member
Mar 21, 2023 6:14:46 PM
Yes, this is my first RMD . . . sorta. I rolled over one 401k to an IRA and the 401k company took an RMD last year when I turned 72.
The other 401k said they would be sending my first RMD before April 1st and another in December.
VolvoGirl
Level 15
Mar 21, 2023 6:19:08 PM
Yes that should be ok then. You can delay taking the first RMD until April 1 of the following year. So you report it on 2023.