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psrusso
New Member

what is the RMD correction window

 
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SabrinaD2
Employee Tax Expert

what is the RMD correction window

The RMD correction window is the period during which you can correct a missed Required Minimum Distribution (RMD) to potentially reduce or eliminate the associated penalty. Generally, under the Secure Act 2.0 you have until the end of the second tax year following the year the RMD was missed to correct the error. For example, if you missed an RMD in 2023, the correction deadline is December 31, 2025.

 

 

what is the RMD correction window

Did you not take the full RMD from your accounts?  Is Turbo Tax telling you that you didn't take enough RMD and giving you a penalty?  That's been happening a lot this year because they change the way to enter 1099R forms.   Did you get more than 1 1099R?  

 

When it asks about the RMD it is only asking for that one 1099R. You need to enter the amount in box 1 on that single 1099R for the RMD, not the total RMD for all. Even if they would add up to more.

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