RMD Reporting, Year One

Forum|Forum|1 year ago
February 22, 2025
1 reply
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I turned 73 in 2024, withdrew from IRA 1 enough to cover the two IRA accounts I have. I received a 1099-R for IRA 1 but not for IRA 2 as no withdrawal was taken from that account. TT's Q and A noted the withdrawal from IRA 1 and asked for only what was due as RMD for the first IRA, and then asked me to confirm the withdrawal was for that RMD purpose. How do I report that the excess withdrawal from IRA 1 also included RMD for IRA 2?

For my 401K I took the RMD withdrawal in Feb 2025, I assume this will be reported on 2025 return and be identified as covering the 401K withdrawal for 2024?

Thank you for any insight you can provide.

maglib

Employee

@stickum_jim

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each form 1099-R input for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution you took from that specific IRA account.

That will solve your problem.

All the best.

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