I would like to note that the RMD question wording in last year's TurboTax software (for tax year 2023) was clearer and more straightforward, making it easier to understand and respond to.:
"Was this withdrawal an RMD for 2023?"
-"Yes, some or all of this withdrawal was an RMD."
-"No, none of this withrawal was an RMD."
__________________________________________
"Tell us how much of the $xxxx.xx (name) received applies to the RMD that needed to be taken out?"
-"All of this distribution was an RMD"
-"Part of this distribution was an RMD"
>>>I would just click on "Yes,...", and then click on "All...", and I was done.
>>>But this year, they added a page requesting us to enter the precise amount of the Required Minimum Distribution (RMD) due by December 31, 2024. This necessitates that I verify the retirement account balance as of December 31, 2023, to accurately calculate the RMD, using the Lifetime Expectancy Table (or, in our case, the Joint Lifetime Expectancy Table). The reason for this is to ensure that the financial institution is withdrawing the correct RMD amount, and I want to confirm its accuracy.
The requirement to provide a specific amount prompts me to ensure complete accuracy in RMD rather than relying solely on the institution's figures (thanks to my OCD). >_>;
