- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
It depends. Check to be sure you have checked the IRA box in the entry of Form 1099-R. Also, that you checked you have taken all of your required minimum distribution (RMD) for 2024. There should be no penalty since you have taken the full amount of your RMD per your administrator of the account. When testing your example there is no penalty calculated.
The tax on the amount should be the rate of tax your taxable income is at. See the tax tables in the link below to check your tax rate for 2024.
Review your tax return by taking a preview. You should see the income on line 4a and 4b and no penalty on line 8, Schedule 2. You have access to all forms when you choose to print your return in TurboTax Online/Mobile. However you are required to pay before printing, but do not have to file until you are ready.
If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.
**Mark the post that answers your question by clicking on "Mark as Best Answer"