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Retirement tax questions
Yes you can say that the second Form 1099-R had $0 RMD as long as the distribution from the first 1099-R covered all of the RMD for 2024. Otherwise you will need to enter an amount the "Required Minimum Distribution" screen (RMD for this account) to trigger the "How much of This Distribution Applied to your December 31, 2024 RMD" screen.
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter your first 1099-R
- On the "Required Minimum Distribution" screen enter RMD for this account
- On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "The entire distribution applied…" / or select "Some of this distribution…" and enter the RMD amount (if this distribution includes RMD for other IRA accounts then you included the amount here)
- On the "Your 1099-R Entries" screen add the second RMD and answer the RMD questions.
- On the "Your 1099-R Entries" screen click "Continue"
- On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you met all of your RMD for 2024, otherwise select what is applicable.
You are not required to file Form 5329 if you met all of your RMD for 2024. TurboTax will enter the information in the "Additional Retirement Account Smart Worksheet" to check that you met the RMD but this will not be sent to the IRS.
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March 25, 2025
12:44 PM