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RMDs
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Wondering
Level 1
a week ago
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The first year that RMDs are required the taxpayer has until April 1 of the year following the year they turn 73 to take the distribution. How do you account for this in ProSeries, they ask for the 2024 RMD amount but insists as treating any shortfall as undistributed RMDs.
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2 Comments 2
Just-Lisa-Now-
Level 15
a week ago
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Just leave it blank, since it wasn't "required" until 4/1/25.
Just remember if they wait, then they'll have 2 RMDS for 2025, that could be a sizeable tax difference if they have large accounts.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobKamman
Level 15
a week ago
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Doubling up could make a difference in their Medicare premiums, too, if it pushes them into the next rate level. And even for low-income taxpayers, it could mean paying tax on more of their Social Security.
There may be cases where waiting may be smart, but I haven't seen any.
