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Level 1
posted Mar 17, 2025 4:27:29 PM

First year inherited IRA RMD; how to report for both the deceased and beneficiary?

For 2024, the decedent had an RMD of "X". Let's say "Y" amount was taken before they passed, which was less than the "X" minimum.

 

I'm the sole beneficiary of this IRA, and was informed during the transfer of assets that I would need to take a distribution of "Z" (X - Y) to make up the remainder of "X" RMD for 2024. I did so.

 

In filing taxes for the deceased, if I enter the "Y" amount taken on the 1099-R, and I enter "X" for the RMD, it seems to assume that we're in a penalty situation because insufficient distribution was taken. 

 

What's the best way to convey through TurboTax that on the aggregate, between the decedent and beneficiary, 100% of the RMD was taken?

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1 Best answer
Level 15
Mar 18, 2025 6:00:47 AM

On the decedent's tax return, enter Y as the amount of RMD required.  On your tax return, enter X minus Y as the amount of RMD required.

1 Replies
Level 15
Mar 18, 2025 6:00:47 AM

On the decedent's tax return, enter Y as the amount of RMD required.  On your tax return, enter X minus Y as the amount of RMD required.