What do I report as my first RMD distribution on my 2024 tax filing if I took 1/2 in 2024 and 1/2 in January 2025? TT seems to be calculating a penalty if I report 1/2.

Forum|Forum|1 year ago
February 13, 2025
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If I report only 1/2 on my 2024 tax filing how will the IRS know that I took the other 1/2 before 4/1/2025 and not penalize me?

MAK70

There is a question about taking the RMD during the correction window- which your January 2025 distribution would qualify for. If you answer that Yes, I took out the entire remaining amount during the correction window, TurboTax will not assess the penalty. The IRS will only know that you took the other 1/2 before 4/1/2025 and not penalize you if you file a correct tax return.

VolvoGirl

Employee

OR you can enter it this way for a first year RMD.........

For the RMD questions. If you just take part of RMD this year, for the questions…..

Was this withdrawal an RMD for 2024? You say Yes some or all was the RMD
Then How much applies to the RMD? Say ALL of this distribution was an RMD

Then on the next screen just put in the same amount as in box 1, not the full RMD since you don't have to take the RMD until April 1 next year.

aboxer511Author

I got two different answers to my question and tried them both. Both answers were very clear and easy to follow. Thank you for that. BUT Turbotax gave me a very different answer for each.

Using volvogirl's method, Turbotax gave me a Federal tax bill that was $2500 less than MaryK4's approach. This may be a Turbotax bug. Can they both be right? I hope this community can see this whole thread and try the same experiment so we can get this solved soon.

thanks