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sss108
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RMD withdrawal

I turned 73 in 2024 so had to take RMD of ~60000. I have withdrawn 25000 and plan to take the remaining before April 31, 2025 (as I have this grace period for the first year). Now based on the 1099-R for 25000 Turbotax is asking me to indicate the total RMD  requirement for 2024 which is 60000. AN it's trying to assess penalty because I have not completely met the RMD requirements for 2024. But IRS allows me to take the remaining amount by April 31, 2025 so why should Turbotax assess penalty for me for this?

 

 

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2 Replies

RMD withdrawal

Just say the amount you took on the 1099R box 1 is the full RMD amount.  You are not required to take the RMD in 2024 since you have until April 1.   Oh and it is April 1 not April 30.   So don’t be late.  

RMD withdrawal

And you know you will also need to take the 2025 RMD in addition to the rest of the first year RMD.   So you will  have 2 RMD in 2025.   

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