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Retirement tax questions
After opening my 2024 return today, my projected $500 refund amount turned into me owing $600 to the IRS. It looks like the latest update is treating my RMD amount as a penalty. The RMD amount is about half of the total I have listed in Box 1. I'm only withdrawing money form this one particular inherited IRA. If I put 0 in the RMD amount, then there is no penalty. For every dollar I put in RMD box (up to the amount in Box 1, the penalty increases. Again, this only appeared when my TurboTax updated this morning (with no changes to my last saved 2024 return). I assume this is a programming issue (maybe the analysts were trying to solve the issue described by these other TurboTax users).
‎February 20, 2025
1:38 PM