RMD issues

[DelGman]

DanaB27

I am running the online version of TT (have been for years) in Windows 11

I have 3 accounts requiring RMD . I took more than require from 2 and less then required from 1 to more than make up my total RMD.  I reported the RMD requirement for each account.

I have entered, deleted and re-entered my information 3 times.  Never once did the software show an update.  I I am stuck in a loop where it asks me in a review if I took the “remaining “ amount during the correction window. I answer “no” . It then takes me to a screen saying “correction window should not be checked here for an Ira. Select no entry and continue”.  I do that and it brings me back to the correction window question.

i am totally frustrated.

thanks for any help

[MinhT1]

An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. 

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.

However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.

Please read this IRS FAQ for more information.

[DelGman]

Thank you Minh,   

so, to be clear, the amount of the calculated RMD and supplied to me by the Financial Institutions  is not used in TT.

 It is NOT the answer to “What is the RMD for your account”

The answer is the amount I took out of each account. 

am I correct?

[VolvoGirl]

Yes.  As long as the total you took out from all accounts is the same or more than the RMD needed for all accounts.   It’s only used to calculate a penalty if you didn’t take the full RMD.   What you enter doesn’t get sent to the IRS.