I under took the RMD amount from Fidelity (National Financial Services but overtook the RMD from Riversource. How do I reflect this to avoid the penalty?

Grama4two · ‎February 21, 2025

I took the total RMD of 2 1099-R's but not as indicated. How can I avoid the penalty when I took the total RMD of the two?

maglib · ‎February 21, 2025

@Grama4two

If you are sure that you have satisfied all RMD requirements, then 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 you took from that specific IRA account.

That will solve your problem.

All the best.

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.

View solution in original post

maglib · ‎February 21, 2025

@Grama4two

If you are sure that you have satisfied all RMD requirements, then 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 you took from that specific IRA account.

That will solve your problem.

All the best.

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.

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I under took the RMD amount from Fidelity (National Financial Services but overtook the RMD from Riversource. How do I reflect this to avoid the penalty?