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February 7, 2025
Question

If Turbo tax shows an RMD amount higher than I do, isn't an RMD based on my 401k BALANCE at end of 2023 since I turned 73 in 2024? and not my spouse savings too?

  • February 7, 2025
  • 1 reply
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    1 reply

    AmyC
    Employee
    February 13, 2025

    Yes, Your RMD is based on your accounts only. Since you turned 73 in 2024, you could take a distribution in 2024 or 2 in 2025. 

     Retirement plan and IRA required minimum distributions FAQs states: 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.

    Program entry:

    You can take one withdrawal and cover all of your accounts. The IRS just wants to ensure you are taking the minimum out each year for all that you have.

    When you enter the 1099-R, the program asks if you took the full RMD required or less, meaning across all accounts that you have. 

     

    If you took your full  RMD from all accounts -Enter the 1099R value for amount taken. Enter a value less than or equal to the payment amount on the 1099-R on the RMD required screen.

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