Can you tell my why Turbo Tax adding an additional 10% tax/penalty on my RMD distribution amount?

[ken-kuehner]

Why is Turbo Tax adding a 10% tax to my RMD disturbution?

[BillM223]

May I assume that you are over 59 1/2? Or is this an inherited IRA?

[VolvoGirl · Accepted solution]

Did you get more than 1 1099R?   Tax on excess accumulations.   That’s because Turbo Tax thinks you didn’t take the full RMD from all your accounts.

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 all.