In 2024 our total RMD from all our IRA accounts is substantially less than the total withdrawals we made from the same accounts during the year.
However, because we withdrew less than the specified RMD in just one of the accounts, TTax Deluxe is triggering Form 5329,and we're being assessed a 25% tax on the deficit eventhough we have withdrawn substantially more than all RMDs combined.
What do you suggest?
