Between my wife and I, we have several 1099R forms. For each retirement account, we took out the required RMD (plus just a bit more). In the case of the largest one, we did not take the distribution ourselves, but rather had the broker send money directly to several charities (i.e. QCDs), where the total was more than our RMD requirement.
After entering all our information, we are getting a message under the banner "IRA Contribution Results" that says “Tax on excess accumulations in retirement account”, and the amount listed is about about 25% of the total amount we donated. Am I correct that this is indicating that Turbotax thinks we did not actually take our RMD from this large account, and our taxes due was increased by this amount?
On our 1040 form, we see the total amount on line 4a, but line 4b (taxable amount) is a small number, and the QCD box on line 4c is checked; this makes it appear that TurboTax did recognize the QCD, which should have satisfied the RMD.
Can anyone explain what appears to be a contradiction?
