Retirement tax questions
Thank you. I reviewed your token.
Please be aware you are not allowed to convert RMDs. Therefore, you need to ensure you do not apply the whole distribution towards your RMD.
Please go back to the retirement section and edit the 1099-R with code 7:
- One the "How much of This Distribution Applied to your December 31, 2024 RMD" screen select "Some of this distribution…". Since this distribution includes the RMD for another IRA account you will need to add the RMD for distribution IRA account plus the RMD amount you entered on the "Total RMD for all other IRAs" screen at the end of the retirement interview. Then enter this amount on the "How much of This Distribution Applied to your December 31, 2024 RMD" screen.
- Continue and you will get the “Tell us if you moved the money through a rollover or conversion" screen. Keep in mind you can only convert the amount that was taken in excess of the RMD.
