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Retirement tax questions
You should get a question what did you do with the money in the follow-up question if you withdrew more than the RMD. Please note, RMDs cannot be rolled over or converted. You might have to review your RMD answers.
In TurboTax Online:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- On the "Do any of these situations apply to you?" screen select "I transferred all or part of this money directly to charity"
- Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD.
- Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
- Enter how much your transferred to charity
- On the "Tell us if you moved the money through a rollover or conversion" screen select "I converted some or all of it to a Roth IRA"
- On the next screen Select "No, I converted less than $XXXX" and enter the amount converted to Roth IRA (keep in mind RMDs cannot be converted to Roth IRAs).
In TurboTax Desktop:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- On the "Required Minimum Distribution" screen enter RMD for this account
- On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD amount.
- Answer the "Transfer to Charity Screen"
- On the “What Did You Do With The Money” and choose “I moved it to another retirement account”
- Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the converted amount next to "Amount converted to a Roth IRA account" (keep in mind RMDs cannot be converted to Roth IRAs).
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February 22, 2025
6:46 AM