I have an IRA and a variable annuity each of which require withdrawing a Required Minimum Distribution (RMD). In both the 2023 and 2024 tax years, I met the total RMD requirement with the total amount withdrawn, even though the amount withdrawn from the IRA was insufficient to meet the RMD requirement for the IRA. The Tax Year 2023 TurboTax Deluxe interview questions and software did not identify a penalty was required for excess accumulation; however, the Tax Year 2024 TurboTax Deluxe interview questions and software do identify that a penalty is required. Based on IRS Publication 590-B (2024), page 12, in the paragraph headed "More than one IRA", no penalty is required. Has there been or will there be an update to the Tax Year 2024 TurboTax Deluxe interview questions and software to correct this?
Thanks,
Ford Cotton
