TDA trans'ed to Schwab in 2024.I have 2 1099R's, one from each custodian. I split my RMD betwTDA&Schwab. TT asked required RMD for ea. That overstates RMD. How to enter?

[fanfare]

@VolvoGirl  your solution is clearly congruent with the number of tax documents sent to IRS

and easier to double check later before finally e-Filing.

[UpbeatDecimal]

Upvoting this response.  I have the same issue, and this is the best answer.

[VolvoGirl]

FYI - On Feb  20, 2025 they fixed the RMD questions.  There was a problem and now it works right.  If you are using the Desktop program be sure to check for updates.  And you should probably go back though  your 1099R entries to update them.  

[smelter 51]

@VolvoGirl  I have the same problem...In my case, the accounts stayed within the same firm but changed trustees and account numbers.  I received 2 1099R's with the distribution separated out by account numbers.

The 1st custodian listed my total RMD but the second didn't list any RMD.  My question:  Do I put the total RMD as reported for the 1st acct when ask what my RMD was but list the distribution for that acct as reported on the 1099R;  then put '0' in the amt required for the 2nd trustee acct and list the actual distribution as listed on the 1099R.  Alternatively, I can separate out the 2 reported RMD as listed and then record the actual distributions as listed on the 1099R for both accts individually.

[DanaB27]

Yes you can say that the second Form 1099-R had $0 RMD as long as the distribution from the first 1099-R covered all of the RMD for 2024. Otherwise you will need to enter an amount the "Required Minimum Distribution" screen (RMD for this account) to trigger the "How much of This Distribution Applied to your December 31, 2024 RMD" screen.

1. Click on "Search" on the top right and type “1099-R”
2. Click on “Jump to 1099-R” and enter your first 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 "The entire distribution applied…"  / or select "Some of this distribution…" and enter the RMD amount (if this distribution includes RMD for other IRA accounts then you included the amount here)
5. On the "Your 1099-R Entries" screen add the second RMD and answer the RMD questions.
6. On the "Your 1099-R Entries" 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. 

You are not required to file Form 5329 if you met all of your RMD for 2024. TurboTax will enter the information in the "Additional Retirement Account Smart Worksheet" to check that you met the RMD but this will not be sent to the IRS.

@smelter 51