You'll need to sign in or create an account to connect with an expert.
How old were you on 12/31/2021?
Are you married ? Did both of you have contributions to a retirement plan at work (W-2 box 12) ? If so did you accidentally enter both W-2 forms under the same person ?
No. Married and file joint return. My wife is retired, and I am semi-retired. Neither of us made ANY contributions to a retirement plan anywhere. We took a distribution, and Turbotax added a 30K to in "Excess Retirement Accumulation" to my return. This has to be an error.....
Did you enter the distributions as contributions in the deductions & credits tab by accident ? Switch to the FORMS mode and look for that "excess" to see where it is being reported (form & line#) and/or to data search where it came from ... this has to be a data entry error somewhere.
See this TurboTax support FAQ on how to contact Support for further assistance with this issue... - https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-contact-turbotax/00/26991
I think the program is telling you that the distribution you took wasn't enough to cover the RMD. That is, it was $30,000 short.
@SweetieJean Good idea ... check the follow up screens in the 1099-R section and/or check what box 7 code you entered vs what was on the 1099-R form. Mixing up a 1 & 7 or a 6 & G can reek havoc.
and if it was an RMD, be sure you check the box that says that.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
GrPoten00_18
New Member
Fredsgirl1952
New Member
jim_akaran
New Member
por636363
New Member
mobb768541
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.