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Although I entered the RMD, TT thinks I didn't with a flag to enter the 1099-R & text about what the RMD is. It has calculated it into my income, so should I ignore it?

Should I just delete the flag?
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1 Reply
DawnC
Expert Alumni

Although I entered the RMD, TT thinks I didn't with a flag to enter the 1099-R & text about what the RMD is. It has calculated it into my income, so should I ignore it?

No, don't ignore that message.  Delete the 1099-R and re-enter it, slowly going through the follow-up questions.   You will be asked if the distribution on Form 1099-R is an RMD.   

 

Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution, and you're at least 73 years young, you can be almost certain you received an RMD, so you can tell TurboTax that all the RMD was met.  Check with your plan administrator if you're still not sure.

 

If the distribution represents your RMD and you don't indicate that, you will overpay taxes and penalties.  

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