Retirement tax questions

---

@hjhood wrote:

TomD8 - I knew about the 50% penalty as it relates to "No Withdrawal".  I guess what throws me is the idea that I blindly canceled the IRA in favor of a better performing CD.  It's the IRA I needed to take additional (years forward) RMDs from higher $$ performers.  I'll go back and retrace my steps.  I understand now how this blind move I made will affect my federal taxes.  Yikes!  Thx Jim

---

There are two RMD questions in TurboTax.   The first one is in the first part of the 1099-R interview. the 2nd one is after the 1099-R summary screen.   It is the 2nd question that will apply the 50% penalty only if you say the RMD was not all taken.

(Do not confuse the penalty with the normal tax on the distribution that is taxed as ordinary income at your margional tax rate).

As I said above:  delete the 1099-R to reset everything, then re-enter it.