Retirement tax questions

When your advisor facilitates a distribution to your bank, it is still considered a taxable event and must be reported on a 1099-R form. TurboTax may not automatically recognize all RMDs without clear distinction.  Please be sure to enter each 1099-R Separately: Make sure to enter each 1099-R form individually in TurboTax.

Here's how to ensure everything is correctly reported:

1. Sign into TurboTax
2. Click on "Search" on the top right and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R that you used for QCD
4. On the "Required Minimum Distribution" screen enter RMD for this account
5. On the "How much of This Distribution Applied to your December 31, 2024 RMD
   1. Specify RMD Amount: Enter the RMD amount for each 1099-R when asked.
6. Next Click on the + to add the next RMD

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