Here's my issue with Desktop TTax 2024 on my Win 11 Pro PC. My wife and I, both over 73, receive distributions from 3 different IRAs, none of them inherited. On two of them our distributions comfortably exceed the RMDs for the accounts. On the third IRA our distribution is less than the RMD. Because of this TTax is calculating a 50% tax on the deficit from that last account.
My understanding from the tax codes, and from the TTax help info., is as follows (pasted from TTax)...
IRA accounts (except inherited IRA accounts)
For IRA accounts, start by adding up the RMD for each account. (Your account administrator should provide the RMD amount for you.) Then add up the qualified distributions taken from all accounts. As long as the TOTAL qualified distributions from all IRA accounts meets or exceeds the TOTAL RMD for all IRA accounts combined, then you've met the RMD requirements for your IRA accounts.
The software appears to be handling the three IRAs separately, and not adding up all distributions and all the RMDs. If it did our total distributions would be significantly greater that the total RMDs, and there would be no taxes to be paid on them.
I just spent almost an hour on the phone with a TTax rep sharing my PC screen. She was polite but not particularly helpful. She suggested that I speak with a tax expert but it's not a tax issue. I believe it's a software issue. I "think" she eventually agreed with me but I'm not 100% sure.
Anyway, is there any sort of workaround?
