When to report RMD

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Was burn sep.1945, turn 70.5 Mar. 2016. Took 1st RMD Dec. 2016, will take 2nd before Dec. 31,2017.

Question 1: Am I doing right?

Question 2: Can I report 1st RMD on my 2016 tax return ( in early 2017) ? And report the 2nd on my 2017 tax return ( in early 2018)?

Best answer by CalCountry

Remember that your RMD for 2016 was based on your account(s) values at year-end 2015, and your RMD for your 2017 withdrawal will be based on your account(s) values at year-end 2016.

You have done it just right.  Yes to both questions.
  "Can I report 1st RMD on my 2016 tax return?"  Yes, because the withdrawal was made in 2016.
  "And report the 2nd on my 2017 tax return?"  Yes, because the withdrawal will be made in 2017.
Withdrawals are reported and taxable for the year in which they are taken.

CalCountryAnswer

Employee

Remember that your RMD for 2016 was based on your account(s) values at year-end 2015, and your RMD for your 2017 withdrawal will be based on your account(s) values at year-end 2016.

You have done it just right.  Yes to both questions.
  "Can I report 1st RMD on my 2016 tax return?"  Yes, because the withdrawal was made in 2016.
  "And report the 2nd on my 2017 tax return?"  Yes, because the withdrawal will be made in 2017.
Withdrawals are reported and taxable for the year in which they are taken.