RMD calculation

rmbiggs02341

My RMD calculation was reported as “0” for years because I didn’t understand. I found out how to configure RMD but there is no specific line for RMD on the 1040-X. TT should have picked up “my mistake” on their audit but nothing for four (4) years. My 1099R forms clearly show we spent twice our RMD amount so there is no penalty. Why not have the software calculate the RMD based on the 1099R input? I could download the 1040-x form for each year and mail amendments. Any suggestions? Thanks.

MaryK4

TurboTax cannot calculate the required minimum distribution(RMD) from the 1099-R entry because the RMD is based on the prior year ending balance in the account, and the 1099-R only shows the distribution for the year. You do not have to report that you took your RMD each year to the IRS, you only have to report and pay the penalty if you did NOT take the RMD. If you do not have any penalties for not taking the RMD, you do not have to amend your past year tax returns.

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RMD calculation

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