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V
Val121
February 7, 2025
Question

rmd not required for 2024

  • February 7, 2025
  • 1 reply
  • 0 views

Why is Turbo Tax asking me if I took RMD for 2024 since it isn't required until 2025.

    1 reply

    AmyC
    AmyC
    Employee
    February 13, 2025

    I am going to assume you turned 73 in 2024. You could take a distribution in 2024 or 2 in 2025. 

     

    For TY2024:  Retirement plan and IRA required minimum distributions FAQs states:

    You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73.

    If you reach age 73 in 2024:

    • Your first RMD is due by April 1, 2025, based on your account balance on December 31, 2023, and
    • Your second RMD is due by December 31, 2025, based on your account balance on December 31, 2024.
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