topic First time MRD's in State tax filing

First time MRD's

john_potter — Wed, 05 Jun 2019 06:05:56 GMT

I turned 70 on June , 2016 but didn't transfer money out of my 401K until Feb this year is that a problem? Anything I need to do other than show the withdrawal on my 2016 return?

Do not show the withdrawal on your 2016 tax return. This...

dmertz — Wed, 05 Jun 2019 06:05:57 GMT

Do not show the withdrawal on your 2016 tax return. This distribution performed in 2017 is 2017 income, reportable on your 2017 tax return.

If TurboTax asks if you received all of your RMD in 2016, answer Yes.

Also don't forget to take your 2017 RMD by Dec 31 this ye...

VolvoGirl — Wed, 05 Jun 2019 06:05:58 GMT

Also don't forget to take your 2017 RMD by Dec 31 this year. So you will have two RMD to report on your 2017 return (next year). You will get a 1099R for them. Don't know if you will get a 1099R for each one or probably just one 1099R for the total.