Turbo Tax 1099 R RMD Accumulation Worksheet rounding error

Forum|Forum|1 year ago
January 29, 2025
8 replies
88 views

Is there anyway to get the RMD Excess Accumulation Worksheet to allow cents? I'm under the impression that the IRS does not allow rounding of the RMD. After following through the step-by-step procedures, where TT allows for the full RMD amount to be entered, then why not apply it to the worksheet as well. Any advice to how this can be fixed would be appreciated. Thank you.

rjs

Level 15

I don't understand how you got the result in your screen shot. Did you enter it in forms mode instead of in the Step-by-Step interview. I don't think the interview would have given you this result.

In any case, the simplest solution now is to check the box that says "Entire gross is RMD" and delete the RMD amount on that line. Another alternative is to remove the cents from the amount and just enter 7,290. (which will be shown as 7,290.00).

The IRS will never see the RMD Excess Accumulation Worksheet. It's not part of the 1099-R form and it's not sent as part of your tax return. It's just used by TurboTax to determine whether you have to pay a penalty for excess accumulation.

webpilot72Author

Level 2

Yes, I did go through the step-by-step procedures, however, TT automatically places the figure to the worksheet fields A and B rounding off to the nearest dollar. This is what is causing the error. I agree with you in respect to rounding to the nearest dollar to avoid the error, except for the fact the IRA document provided by my bank to the IRS will show the exact RMD amount. Therefore, if TT allows for the entire RMD amount to be entered when going through the step-by-step procedures, then the worksheet should not round off the cents, but show the exact amount. That would correct the TT error from occurring. Thank you for excellent advise. As many have already addressed this issue in the pass couple weeks, I'm sure TT will have it fixed soon.

DianeW777

Level 15

My advice is to round in the 1099-R entry without using the cents at all. The IRS does allow rounding and this should solve the issue.

The required rounding process is .50-.99 rounds up and .01-.49 rounds down.

Please update here if you continue to experience this.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

traverse517

Level 2

The problem is the 'rounding down' function used in this section. I have the same problem. To work around the red flag on this 1099 form, change the amounts to either eliminate the cents on the total RMD amount, or add the cents to the worksheet section. You have to eliminate the red flag to let TT review the return successfully.

I have a second 1099 where the cents is over 50cents and the 'rounding up' works fine. No manual intervention

required.

TT needs to clean up this section.

Latest version update (as of Jan 30th does not resolve this problem.

Sloppy. Sloppy. Sloppy....

RJS932

Level 2

Same problem here. One that rounds up works and the other that rounds down errors out. TT needs to resolve the issue soon.

StarGirl18

Level 5

I am having the same darn problem. My RMD was 218.02 so I put this in to the step by step. on the next step, it rounding it down, now my accumulation worksheet, says I have an excess, but I don't, and the problem is I got "one" 1099 that includes the RMD as well as my conversion. By the way I tried to overwrite the accumulation worksheets, it keeps converting back to 218. no cents, and since I have Form 8606, as well, everthing is off now. When is Turbo going to fix this??