The Thrift Savings Plan (TSP) is employer-sponsored plan (like a 401k), the "aggregation" rules are slightly different than they are for IRAs.
Be sure to enter both 1099-Rs exactly as they appe...
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The Thrift Savings Plan (TSP) is employer-sponsored plan (like a 401k), the "aggregation" rules are slightly different than they are for IRAs.
Be sure to enter both 1099-Rs exactly as they appear. Do not combine them into one entry.
Form #1: When the program asks "How much of this distribution was an RMD?", Select "The entire distribution was an RMD."
For Form #2: Select "The entire distribution was an RMD."
By selecting "The entire distribution was an RMD" for both forms, you are telling the program that "This specific payment was required, and the next payment was also required." Added together, the program concludes that the total satisfies the IRSl.
Check you 1099-R Entries:
Open or continue your return.
Click on Tax Tools, then Click on Tools (bottom left corner), and finally, Click on Preview My 1040.
Check your Tax Summary, and look for Form 5329.
If you don't see Form 5329 (or if Part IX of that form is blank), you have successfully bypassed the penalty and reported the RMD correctly.