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Level 2

Question

I have 3 401 k's but only took distributions from one account

Forum|Forum|1 year ago
February 9, 2025
1 reply
0 views

I have 3 401 k's but only took distributions from one account. I was able to enter my RMD for that account, but then it asks me if all of my RMD was from that account. I say no and it says wait to file your income tax. When will this be fixed? I have reasons why I need to file quickly. Or is there a workaround for this?

Level 15

Did you only take a RMD from 1 account? You have to take separate RMD from each 401K account. You can’t combine the RMD for 401K plans line you can for IRA. So did you miss taking RMD from the other 2 accounts? You will owe a penalty.

cindyfillerAuthor

Level 2

Oh goodness no! I haven't even sent in my tax forms yet. I was just asking how to include the other 2 accounts in the RMD. Do I just total all 3 and put them in the one box? What was confusing to me was the note to wait to file my taxes... I wasn't sure if a fix was coming where I could enter the other 2. I have no intention of doing something incorrectly - just trying to figure out the correct way to do it.

Level 15

Despite the obtuse note from TurboTax, @VolvoGirl is correct.

Each 401k has to be individually satisfied by Dec 31 2024.

You have excess accumulation in 2 accounts. Refer to 2024 Form 5329 Part 9.

TurboTax may be telling you to delay filing until you take corrective action,which can reduce your penalty from 25% to 10%.

That's one way to read the new Form 5329, which is also confusing.