dead line for 2024 RMD distribution

Forum|Forum|1 year ago
February 22, 2025
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deadline for rmd distribution

Best answer by VolvoGirl

Normally it is Dec 31, 2024. But if it is your first year to take a RMD you get to take it by April 1, 2025. But then you will need to take 2 RMD in 2025.

VolvoGirlAnswer

Employee

Normally it is Dec 31, 2024. But if it is your first year to take a RMD you get to take it by April 1, 2025. But then you will need to take 2 RMD in 2025.

tj-21

Employee

VolvoGirl:

Need help with in-putting of my husbands 1099-R.

- This is our first year requiring a RMD, husband turned 73 in 2024.

- Turbo Tax Premier asks for the amount that was required to be distributed by Dec 31, 2024.

- Turbo then states:

"Do not include RMDs which are due on April 1. RMDs for the first year you're required to take distribution are generally due on April 1."

RMD due by Dec 31, 2024: ___________

My Question: We decided not to wait till April 1, 2024 to prevent reporting 2 RMDs in 2025. He took his RMD in Dec, 2024. I'm a little confused by the wording to not include RMDs due by April 1. Should I be entering our RMD in the box for Dec 31, 2024??

Also, we took a bit more than our RMD by almost $300. If we are required to enter in the Dec 31, 2024 box, do I enter the actual RMD required amount or the total??

Add'l info: RMD Required: $33,703.28 but took $34,000. Plus additional $12,000 for Roth IRA Conversion. Box 1 on 1099-R : $46,000.

2nd Question:

We also receive one other 1099-R every year for his pension which we input separately in Turbo Tax. This year Turbo Tax asked if we had a RMD for his Pension?? Seemed kind of odd, thought it was due to his age, but we never heard of an RMD with a pension?? Any comments?

Thank you

--Quick follow-up to my question above to clarify:

Which amount do I enter for the RMD?

The $33,703.28 or the $34,000.00, Is Turbo tracking the exact RMD amount?? I have impression we should use $34,000.00 ???

Thank you

VolvoGirl

Employee

#1 Just enter the 33,703 for the RMD. Did you figure out the answers for the ROTH Conversion?

#2 Pension.

It's whatever they send you. Say all of it is the RMD. If you have a RMD requirement it will ask you if it is the RMD. Say yes and enter the amount as the RMD amount. The pension doesn't need to calculate any RMD. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD.