First RMD for both IRA and Self-employed 401K; Can one be in December and the other deferred to April?

Forum|Forum|1 year ago
December 3, 2024
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I gather from other posts that Turbo Tax will ask if you've taken the RMD. The IRA distribution will appear on line 4a IRA Distributions, and the Self-employed 401K distribution will be on 5a Pensions and Annuities. Will Turbo tax accept yes (and an amount) and no (and a zero amount), and not flag it as not taking RMD for a first time RMD (taxpayer turned 73 in tax year).

TurboTax Home & Biz Windows

Best answer by dmertz

The requirement is that your first-year RMDs be completed by April 1 of the following year. The first-year RMDs can be split between the first year and by April 1 of the following year any ways that you wish.

When asked by TurboTax, simply indicate that all RMDs were received. This will prevent TurboTax from inappropriately preparing Form 5329 Part IX under these circumstances.

dmertzAnswer

Employee

When asked by TurboTax, simply indicate that all RMDs were received. This will prevent TurboTax from inappropriately preparing Form 5329 Part IX under these circumstances.

sandy4042Author

Employee

Ah, thanks, that makes sense. It seems this first year of RMD one has the opportunity to calibrate the RMD income between the two years. Does Turbotax get more specific in the tax reporting year of the April date (in my case 2025)...i.e., which RMD portion was for the previous year and which is for the curent year?

VolvoGirl

Employee

No. You just enter the 1099R. Both April and the 2025 RMD will go on your 2025 return. When it asks if you took the RMD you just say yes even though they are for different years.