☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Jan 28, 2025 4:37:12 AM

RMD reporting for withdrawals made before April 1

I turned 73 in 2024 therefore I was required to take the 2024 RMD amount ($10,000) before April 1 2025. I received a distribution of $2,000 in 2024, made a QCD of 3,000 on Jan 6, 2025 and took another distribution of $5,000 on Jan 22, 2025.  My 1099 reported the $2,000. Turbotax reported the difference between the total RMD ($10,000) and the amount withdrawn ($2,000), or $8,000 as subject to an IRS penalty and included this amount as a tax on Schedule 2 even though I met the required RMD rule. How do I report this in TurboTax?

0 1 2519
1 Replies
Expert Alumni
Jan 28, 2025 5:24:55 AM

For tax year, you are compliant for RMD as you have until April 1, 2025 to draw your RMD.

 

In TurboTax, to the question: Could you tell us what the RMD for your account was in 2024? Answer $2,000 and not $10,000. 

 

This answer is correct as you have until April 1, 2025 to draw the balance.

 

You will then have no penalty.