RMD aggregation of multiple IRA accounts seems to be ignored in TT 2024 for Mac.

[Baddadjohn]

The Secure Act 2.0 in effect as of January 1, 2023 allows for aggregation of multiple IRA accounts, including annuities, in determining the overall RMD amount. This provides the ability to offset withdrawals from any IRA account with withdrawals from other IRA accounts as long as the total overall IRA RMD amount is met. TT 2024 Mac version does not provide a way to take advantage of this offset as it compares the withdrawal from each individual account with that account’s RMD to determine if a penalty is to be applied. Is there a fix in process for this flaw?

[DavidD66]

After you enter each of your Forms 1099-R you are asked "How much of the #[Distribution Amount] was an RMD?"  You can indicate "None of this withdrawal was an RMD" for each distribution.  After yo finish your 1099-R entries, a few screens later you will see "Let's check if you met the minimum distribution requirement" and be asked "Did you take the required minimum distribution (RMD) for 2024 for ALL of your retirement accounts that have this requirement?"  Answer Yes.   The program will not calculate any RMD shortfalls or tax.  If you have already entered your Forms 1099-R you will need to delete them and re-enter to clear the RMD information you have already entered.

[Baddadjohn]

Ok, I’ll give it a try. Sure would be helpful if the program walked you through the process with clear instructions as it does with most other tax issues. 

[Baddadjohn]

As another work around I found that I can enter the RMD for each account except for those that do not meet the RMD. For those I can enter the actual amount taken as though the amount is the actual RMD. Total amount taken from all accounts will then meet the overall RMD so the answer to the later question on meeting the overall RMD would be YES. Again, this work around should not be necessary. Turbotax should fix this so it works properly.