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Retirement tax questions
TurboTax does not have a means of calculating RMD amounts for your Traditional retirement accounts. If you know you have satisfied your RMD over multiple accounts, the best practice is to enter the amount of the distribution (Box 1 of the 1099-R) as the RMD due by Dec. 31 on the screen "Let's get more information about your Required Minimum Distribution (RMD)". Then on the next screen, check "The entire distribution applied to the December 31, 20xx RMD" for each 1099-R you enter.
The RMD is figured from the total aggregated value of all your traditional retirement accounts, but you can pull all your RMD from just once account and then report it as suggested above.
If you happen to know that you have not completely pulled all your RMD out by the end of the year, you can still make a corrective distribution to satisfy the RMD after the end of the year and report this on your taxes prior to filing them. This can reduce the 25% penalty for amount not withdrawn by the end of the year down to 10%, or possible total elimination of the penalty as well.
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