I have my IRA with Fidelity Investments and downloaded all the information from Fidelity into Turbotax. I transferred a little less than I needed for my RMD paying sufficient tax on that amount as it was transferred. I also had two Qualified Charitable Distributions directly out of my Fidelity IRA to the organizations such that the total of the of the Fidelity transfer and QCDs was a little more than the required RMD. Let’s say that total was $20,000*. This total was reflected in the Fidelity 1099-R.
I had to create 1099-Rs for the two charitable organizations. I figured out how to make them into QCDs within Turbotax.
The challenge for me is what to check when asked “How much of the $20,000* was an RMD?”
“Since you're over age 73 in 2024, you may have taken a required amount of money, or required minimum distribution (RMD), out of this account, or else be subject to an additional tax. The RMD needs to be withdrawn each year, and the plan administrator, banker or broker usually figures out how much money must be taken out.”
There are three choices
- The entire distribution was an RMD
- Only part of this distribution was an RMD amount
- None of this withdrawal was an RMD
For the Fidelity 1099-R, I chose “Only part…” which opens a box to indicate what the RMD was which is slightly less that the Fidelity Distribution. Let’s say it was $19,000*.
For the two QCDs, $4000 and $1000, I was faced with the same three choices. If I chose “Only part…” it would put in the $19,000. I tried the other choices too. In all cases after a few clicks, I get to the page “Let's check if Jeffrey met the minimum distribution requirement” where it says “From what you’ve told us, your total RMD is” $57,000" which is exactly three times the RMD of $19,000. Yikes.
What am I messing up here.
Thanks,
Jeff
*Not the real number.
