I entered the RMD amount from my broker. However I am assed a penaltyfor not taking the correct RMD amount. I filled out manually te 1099R for my broker. What is wrong??
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There are several conditions that can cause this.
When you reported your 1099-R you were asked how much of the amount reported was RMD. Make sure you answered with the same amount that you reported.
Is 1099R box 1 the same amount as the RMD from your broker? If it’s less you didn’t take out enough. The RMD should be the same as box 1. Are you entering the amount in box 1 for the RMD amount?
Oh how did you get the RMD amount from the broker? Did you get a letter or form 5498 saying how much to take? Maybe that’s the new amount you have to take for this year 2025?
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