I am utilizing TurboTax Premier 2024. I have several Traditional IRA's which each require an RMD for 2024. During the process of entering information, TurboTax asked the question what was the total balance as of 12/31/2024 of all of my Traditional IRA Accounts combined? I am confused. If I am reporting RMD payments for 2024, shouldn't TurboTax ask what was the total balance as of 12/31/2023 of all of my Traditional IRA Accounts combined? I went back to try to correct the information, but now I can't find where I entered it previously. Why the incorrect balance date and where can I correct it? Thank you.
I think it asks that if you have a non deductible basis on form 8606. @dmertz
VolvoGirl is correct. This question being asked by TurboTax has nothing to do with RMDs.
Volvo Girl, thank you so much for your prompt reply. I apologize for my ignorance, but I really don't understand the reply. If this requested information is not regarding Required Minimum Distribution for Tax Year 2024, how does the tax software know that I have taken a sufficient amount of Required Minimum Distribution for 2024 to satisfy the requirement? As for your response that the question was for a "non deductible basis on form 8606", I really don't know what that means. Could you please elaborate further for someone not quite as knowledgeable in the subject matter as you obviously are? Thank you so much.
TurboTax goes by what you tell it your RMD should be.Torbotax 2024 has issues with your situation, so
you may want to wait for more updates, or search the forum for workarounds that you can use now.
fanfare is correct. TurboTax has no ability to calculate what your RMDs should be and relies entirely on what you tell TurboTax your RMDs should be. As such, TurboTax never asks for your previous year's year-end balance in traditional IRAs.
Turbo tax asked me what my 12/31/24 Traditional IRA balances are for yr end. RMDs come out of both IRAs and 401Ks. Do they really want one/both or just IRAs to work on form 8806? Most confusing thing in Turbo Tax in several years.