I have a SEP ira as my only account requiring a distribution. Using the table it should be roughly 4,300. Turbo Tax says it should be 8,614. I do get a civil service retirement annuity monthly for 29,891. On the form for that 1099R there is a box for ROTH or insurance premiums. I put in the amount I contribute for Insurance and maybe Turbo thinks it's for a ROTH. This appear to be a bug. I reported a repeatable bug last year dealing with Kansas taxes on civil service retirement payments that was repeatable and fixed for this year.
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TurboTax does not calculate required RMDs. TurboTax requires you to enter the amount of your required RMD.
Enter each Form 1099-R exactly as received, with no modifications. If a box on the form provided by the payer is blank, leave it blank in TurboTax.
In reference to that box referring to either ROTH or health insurance turbo asks how much was for health insurance and I answered with the full amount. But it didn't remove it from it's calculation of how much I needed for my rmd Turbo added that amount to my real RMD which is around 4300 based on my SEP amount. This wasn't a problem last year or the year before when I started RMD
I did come math. Turbo Tax is exactly doubling the RMD I reported for my SEP account. The bug doesn't have anything to do with the ROTH/Health insurance for my retirement account. NOW, how do I get this fixed so I am not shown owing taxes on the additional $4,307 that turbo thinks I owe?
btw: 4307 x 2 = 8614 which is exactly what turbo says the RMD is which is twice the real amount.
Turbo Tax exactly doubled my RMD. My true one from my 1099r is $4,307 but Turbo shows $8,614, exactly double. I even removed that 1099 and imported again with the same results.
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