RMD

manessg — Wed, 09 Apr 2025 17:53:42 GMT

My total income is retirements from 3 separate retirement systems and I have not done a RMD am I doing anything wrong??

Re: RMD

DawnC — Wed, 09 Apr 2025 18:13:42 GMT

How many 1099-Rs did you receive? A required minimum distribution (RMD) is an IRS-mandated dollar amount that is required to be taken out of your retirement account once you reach a certain age:

If you were born before 1951, you should have already started taking required minimum distributions (RMDs) from your IRAs and retirement plans.
If you were born after 1950, you start taking RMDs for the year you turn 73.
However, you’re allowed to delay taking your first (and only your first) RMD until April 1 of the following year. Regardless, your second RMD must be taken by December 31 of the year after the year you turn 73.

Your plan administrator will typically send out a statement regarding the RMD. This statement shows the RMD that needs to be withdrawn during the year and can usually be found in your online retirement account.

Your RMD may have been included if you received distributions in 2024. To confirm the amount of your RMD, refer instead to your Form 5498. If you’ve reached the age for RMDs, and you didn’t receive Form 5498, contact your plan administrator.

If you’re age 73 or more, TurboTax will ask several questions when you’re entering your 1099-R information. These questions help you see if you’ve met the RMD rules so that you can avoid IRS penalty. You can waive the penalty in TurboTax if you have reasonable cause.

For more info see Retirement plan and IRA required minimum distributions FAQs

Where do I enter a 1099-R?

topic RMD in Get your taxes done using TurboTax

RMD

Re: RMD