RMD Reporting

[HCQuestioning]

My IRA distribution was greater than my RMD. I entered the RMD amount on 2 different screens. A final question I got was if a corrective distribution was made because my IRA distribution is short of the RMD amount by - and the figure actually shown - is my RMD amount! How in the world did that happen?

This is from TTDelux online edition today 2/21/25.

[DanaB27]

The RMD section has been updated please go back to your 1099-R entry and review the follow-up questions. At the end of the interview you should be able to select that you took all of your RMD:

1. Click on the "Search" on the top right and type “1099-R” 
2. Click on “Jump to 1099-R”
3. On the "Required Minimum Distribution" screen enter RMD for this account
4. On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD from this distribution.
5.  On the "Review your 1099-R info" screen click "Continue"
6. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you took all of your RMD for 2024.

@HCQuestioning 

[mtkajean]

I replied "None of these plans failed to withdraw the RMD"

"Continue"

Next screen:

Was a corrective distribution made for your IRA accounts?

It says my distribution was short of the RMD amount by $5597 (which is the amount of the RMD!)

Does it make a difference that  I haven't paid yet? I am not going to pay if it is not working. 

[mtkajean]

Should I  clear it and reload everything?

[VolvoGirl]

You need to go back through the 1099R entries and revisit all the answers.  The questions have changed so your prior answers won’t be right especially if you answered them with a work around to make them come out right.  I would delete that 1099R and enter it again manually.  That usually fixes it and resets the questions.  Deleting has been fixing it for others.

[HCQuestioning]

Today 2/25/2025 I successfully completed my taxes using TTDeluxe. For me anyway, the RMD issues have been resolved. But still find it hard to believe we had to go through this irritating situation. Something that should have taken 2 hours at the most took about 3 days. 

[SuperAcct]

I need clarification.  I agree the questions are vague.  So after replying how much you took out for RMD, Turbotax then asked what is the required amount to be distributed.  So what if you took more?

Is the answer the amount you took?  or is the answer what was required as minimum amount?

Financial advisors I have are saying to take more than the RMD and so it is more than the required amount, so this one question is vague and if I took 10000 and only 6000 is the required amount, do I put 6000 here?  Even though I actually took 10000 which is NOT the required minimum amount.   Right now I just put in the same amount that was distributed even though it is more than required minimum.  I think this is still vague.  

[DanaB27]

You will enter $6,000 as RMD. Please follow these steps in TurboTax Online:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R
4. Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD of $6,000
5. Enter the RMD amount of $6,000 for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen 
6. On the "Review your 1099-R info" screen click "Continue"
7. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you met all of your RMD for 2024, otherwise select what is applicable. 

In TurboTax Desktop:

1. Click on "Search" on the top right and type “1099-R”
2. Click on “Jump to 1099-R” and enter your 1099-R
3. On the "Required Minimum Distribution" screen enter RMD for this account 
4. On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD amount of $6,000
5. On the "Your 1099-R Entries" screen click "Continue"
6. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you met all of your RMD for 2024, otherwise select what is applicable. 

@SuperAcct