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I took the required RMD on an inherited IRA. why is TurboTax says its a tax on "excess accumulations in account"?

 
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2 Replies

I took the required RMD on an inherited IRA. why is TurboTax says its a tax on "excess accumulations in account"?

After you entered that 1099R and went though the followup questions did you enter the amount from box 1 as the RMD?   Try deleting that 1099R and enter it again manually.  That usually fixes it.  

 

What code is in box 7? It’s might be this, if they haven't fixed it…..

RMD Excess AccumulatedWorksheet. There is an error on 1099R with code 7D and possibly 4D. The issue is with the "D".

 

In the mean time, Workarounds from dmertz are:

For code 7D, omit the code 7 and enter only the code D.

For code 4D, indicate that the decedent died after December 31, 1951.

 

@dmertz   Is this fixed?  

dmertz
Level 15

I took the required RMD on an inherited IRA. why is TurboTax says its a tax on "excess accumulations in account"?

Code D would not be present on a Form 1099-R that reports a distribution from an IRA.

 

TurboTax would determine an excess accumulation if the amount that you indicate as the RMD for the inherited IRA is more than the amount distributed from this inherited IRA.  Editing the 1099-R or deleting the 1099-R from TurboTax and reentering it, paying special attention to answering the RMD question correctly, should correct the problem.

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