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Level 2

Question

RMD

Forum|Forum|4 years ago
April 26, 2022
1 reply
1 view

I have been taking monthly withdrawals from my Traditional IRA before I reached 70 1/2. I just found a letter from my bank saying I had to take a mandatory deduction after 4/1/2021. When filing my turbo tax return for 2021 I checked the box No saying if any of the withdrawal I took was for RMD. I did take the necessary deduction required. Do I have to file a 1040-x ammended return because I didn't check yes? Nothing else is changing on my return.

Level 15

You do not have to file an amended return. The question about the withdrawal being an RMD just tells TurboTax whether the withdrawal is eligible to be rolled over. The answer does not appear on your tax return.

What you said about the letter from the bank, and your status with regard to RMDs, is not clear. You do not have to take an RMD until the year that you turn 72. What is your exact date of birth?

I assume that when you say "deduction" you mean a distribution or withdrawal from your IRA.

hp15Author

Level 2

My date of birth 10/21/1949

hp15Author

Level 2

The letter from my bank said I must start withdrawing a required minimum distribution after 4/1/2021. I am withdrawing monthly from my IRA already.