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Retirement tax questions
This would be TurboTax saying that you did not withdrawal enough of your RMD.
If you DID withdrawal enough of your RMD, then this generally happens because you withdrew more from one account than needed and less from another account and entered the withdrawal amount when you were asked about your RMD. To fix this, you will need to go back to the 1099-R's that you entered and walk back through all of them. Entering the RMD amount that should have been taken from each account and not the amount that actually was taken.
For instance, if you have 2 1099-R's and your RMD for #1 was $20,000 and your RMD for #2 was $30,000, but you took $50,000 out of account #1 and entered $50,000 in account #1, TurboTax is looking at account number 2 and seeing a missing RMD. So you would need to go back to #1 and enter $20,000 and #2 and enter $30,000. This will match the account up with the RMD and will remove the excess accumulation penalty.
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