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Retirement tax questions
I deleted the 1099’s several times and reentered them. The issue is a TT problem as after every 1099-r entry it asks what your RMD amount was. The RMD was from 2 different accounts so what TT did was add the RMD from each entry where I put the total RMD we had to take. This resulted in a double RMD amount. To work around this I entered the amount of each 1099-R as the amount of the RMD. So the 2 RMD amounts that I entered totaled my total RMD. This fixed the problem and I no longer got a huge penalty. I am hoping that TT either fixes this by asking the amount of your of your total RMD and then lets you select the 1099’s that apply or some other workaround to fix this problem. It is not illegal to do this but I wasted many hours trying to figure out why they said I did not take my full RMD and taxed me $9000 as not taking it all. Hope this helps someone else who has more than 1 1099 form