RMD withdrawal time frame

SLYKTAX — Wed, 15 Mar 2023 04:10:40 GMT

Just want to verify that Turbo tax was wrong as I was working on my tax return.

I turned 72 on October 2022. That should mean I have until April 1, 2023 to take my 1st RMD and another before December 31, 2023 , Correct?

Instead, I took my 1st RMD on December 2022, therefore, I could take my 2nd (2023) RMD before the end of this year, Correct?

I just input my RMD I took in 2020 into Turbo Tax and it is warning that I have to take one (another?) before April 1, 2023.

TT is wrong, correct? Thanks

Re: RMD withdrawal time frame

AmyC — Wed, 15 Mar 2023 16:44:14 GMT

1. Yes. You are correct that the first distribution must be by April 1 the year after turning 72.

2. Yes. It is smart to take it the year you turn 72 to avoid having 2 distributions the following year.

3. TurboTax should be giving a general warning that a distribution is required by April 1. Which you have already done, good for you!