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Submitted By: someone
Answered: February 5, 2023 8:33 pm
Answered: February 5, 2023 8:33 pm
I turned 72 in 2022 and didn’t take my first RMD. When I take it by April 1, 2023, for which year will this reported as income?
Even though the distribution represents your 2022 RMD, it’s includible in gross income in 2023, the year in which it is received. What’s more, the 2023 distribution must be taken by December 31, 2023, so there will be two distributions taxed in the same year.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
