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March 2, 2023
Question

What can I do 1099-R shows the amount I had to take out in 2021 reached 72, took out in 2022 before filing now 1099-R shows that amount plus what I took out for 2022.

  • March 2, 2023
  • 1 reply
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1099-R shows amount taken for 2021 and 2022

1 reply

JohnB5677
March 2, 2023

If I understand this correctly.  Both distributions were made in 2022.  The first was after turning 72, and you took it prior to April 1st, and the second was the 2022 normal annual distribution.  These were both done in a timely manner.

 

If these conditions are stated correctly, you do owe tax on both distributions, and the 1099-R is correct.

 

The IRS States: 

"Required beginning date for your first RMD.

  • IRAs (including SEPs and SIMPLE IRAs)
    • April 1 of the year following the calendar year in which you reach age 72.
  • 401(k), profit-sharing, 403(b), or other defined contribution plan
    Generally, April 1 following the later of the calendar year in which you:
    • reach age 72"

Please see the article:  Required Minimum Distributions (RMDs)

If this does not completely answer your question, please contact us again and provide some additional details.

 

 

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Employee
March 2, 2023

Also, because the RMD for 2021 was taken out in 2022, the distribution of the 2021 RMD should appear nowhere on your 2021 tax return.