First RMD?

gr8white6 — Wed, 26 Feb 2025 01:16:15 GMT

I turned 73 in 2024. This is my first year for RMDs. The withdrawals were made before the end of 2024. When I enter the 1099R, TT asks how much of the withdrawal was for an RMD, but it tells me not to include First year RMDs (that are technically not due until 4/1/2025). If I enter $0 as TT instructs, TT does not ask for the RMD amount. Will this get me in trouble next year?

Re: First RMD?

VolvoGirl — Wed, 26 Feb 2025 01:48:50 GMT

No that's ok. That info does not get sent to the IRS. That's just so Turbo Tax can calculate a penalty if you didn't take the full RMD.

Re: First RMD?

gr8white6 — Wed, 26 Feb 2025 02:20:36 GMT

Thank you. Would it hurt anything for me to put the RMD amount in for my records?

Re: First RMD?

DanaB27 — Wed, 26 Feb 2025 12:49:32 GMT

Yes, you could enter the RMD into TurboTax.

Please follow these steps in TurboTax Online:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD /or select "The entire distribution was an RMD" (if this distribution includes RMD for other IRA accounts then you included the amount here)
Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
On the "Review your 1099-R info" screen click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you met all of your RMD for 2024, otherwise select what is applicable.

In TurboTax Desktop:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
On the "Required Minimum Distribution" screen enter RMD for this account
On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD amount / or select "The entire distribution applied…" (if this distribution includes RMD for other IRA accounts then you included the amount here)
On the "Your 1099-R Entries" screen click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you met all of your RMD for 2024, otherwise select what is applicable.

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