Hi. I have an inheritance account from my father that sent me two 1099-R forms (one with Q distribution, one with T distribution). My financial advisor told me the total RMD for this account but I don't know how to enter it in Turbotax: Do I put full RMD in twice (repeating it for each 1099-R), or put in half the amount for each 1099-R, or put in 100% for one form and leave the other blank? Yes, I'm as confused as I sound! Thanks for the help!
In TurboTax, on each form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.
By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.
In TurboTax, on each form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.
By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.