2024 Turbotax Deluxe not recognizing 2 separate IRA 1099-R RMD entries that equal the full RMD $ distribution and shows additional taxes are due on form 5329?

[dlynch2710]

Since 2018 in Turbotax Deluxe, I have entered two separate 1099-R IRA RMD distributions, checked the box "Part of the distribution was an RMD" under each 1099-R form, then entered the RMD amount. Did same for 2nd RMD & both added up to the total RMD distribution required. In this 2024 Turbotax Deluxe, it allows me to do all the same, but doesn't seem to be adding the two 1099-R RMD $ entries to equal what was required in total RMD distribution & now wants me to pay additional taxes on form 5329. Only shows one of the two 1099-Rs on Form 5329. Why isn't 2024 Turbotax totaling the two separate 1099-R RMD entires to equal the RMD total required distribution?

[Bsch4477]

When you report your 1099-R you will be asked what amount was RMD. Be sure you answered the full amount of the withdrawal was RMD in each instance. 

[dlynch2710]

Thanks for your assistance. I changed  the 1099-R's to reflect the full amount withdrawal was RMD in each instance. 

It didn't change the amount due inTurbotax and Form 5329 still shows up. It appears Turbotax is NOT picking up my two1099-R entries & totaling them to equal my 2024 RMD full amount distributed. 

[VolvoGirl · Accepted solution]

No.  Turbo Tax changed this year.  When it asks about the RMD it is only asking for that one 1099R.  You need to enter the amount in box 1 on that 1099R for the RMD, not the total RMD for both.   

[dlynch2710]

Thank you so much! This worked. I changed each RMD to reflect only the amount distributed for each 1099-R individually & now it's correct. No 5329 form shows up. Appreciate your input. 

[kzp00h]

I have two 1099R for two IRAs.  The first IRA I withdrew more than the RMD required.  The second IRA I withdrew less than the RMD required.   However, the combined withdraws exceed the combined RMDs.  I checked the box for each that the entire withdraw was for RMD but Turbo Tax is adding taxes to the IRA that I withdrew less than the RMD.  How do I correct it?

[VolvoGirl · Accepted solution]

Did you see my post above?  Turbo Tax changed this year. When it asks about the RMD it is only asking for that one 1099R. You need to enter the amount in box 1 on that 1099R for the RMD, not the total RMD for both.

[dlynch2710]

Yes, I did receive your answer and it worked for me!  Thank you so for your help.  (I send note back to you the same evening, but I must of posted it incorrectly. I'm new to this community & still learning how to use.)