vsoloway
Returning Member

Retirement tax questions

That sounds like as good a workaround as the one I used, where I went into the forms view and changed numbers for my two accounts.  But it shouldn't take hours of scratching my head to figure out why TurboTax is saying I owe a penalty for not taking my entire RMD when I know I did take it.  

I don't see why TurboTax can't compute the RMD I owe -- It knows my birthday and how much I had in my IRAs at the end of last year. (That's in the 1099Rs)

But if there is a reason it can't calculate my RMD, then it should just say so and ask, "What is your RMD?" with an explanation that the RMD is based on your total Trad and Rollover IRA assets and the IRS's life expectancy tables.  

I emphasized the word "total" above because I think the source of the confusion here is that TurboTax talks about a RMD for each Trad/Rollover IRA account, when, in reality, there is only one RMD for all your accounts.  (Of course, if you are filing jointly, you and your spouse each have your own RMD.)