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Retirement tax questions
Thanks for all your input everyone!
Does anyone know if Turbo tax keeps track of our RMDs every year like it does for our IRA contributions and Roth conversions, after taking this 1st RMD??
People who have been taking the RMDs for a few years should be able to tell if Turbo Tax tracks this??
If it does, using our $34,000 vs $33700.28 number also be optional as "dmertz" says:
"It makes the most sense to enter $33,703.28 as the amount required, although entering any amount less than or equal to $34,000 would work just as well since $34,000 was distributed. Since no part of an RMD required to be taken in 2024 went unsatisfied, the goal is to provide an answer that will prevent TurboTax from preparing Form 5329 Part IX, an any amount that is less than the amount distributed will do that.
Entering $34,000 would probably make more sense if the difference between $33,703.28 and $34,000 was used to satisfy the RMD for a different IRA."
Depending on how or if turbo tracks this info going forward, may influence the entry. Turbo Tax may want to know only our required RMD amount or track the total amount of RMDs taken regardless of the "required" RMD amount.
People who have been taking the RMDs for a few years should be able to tell if Turbo Tax tracks this??
Thanks