RMD - Two 1099Rs from same wealth Mgr. Company and one IRA

[rjp1952]

RMD – The wealth manager Company issued two 1099Rs for my holdings with them.  One for those 1099Rs was for funds which were applied to charitable receivers.  The other for the balance of the RMD  The question posed for each 1099R in TurboTax Deluxe, for each 1099R is what is the TOTAL RMD.  Accordingly, I gave the total RMD in both cases.   As a result, additional taxes and perhaps penalties were assessed because TurboTax believed the RMD is two times what the real RMD is.  Can the program recognize that the institution’s RMD is one number and that the 1099Rs reflect multiple withdrawals to satisfy that requirement?   Or can the question be modified to reflect this sort of situation?  Like "What is the total RMD? if the multiple 1099Rs have been issued, this enter the appropriate portion of the RMD."

[dmertz · Accepted solution]

For each 1099-R entry, indicate as the RMD required only the amount that that particular distribution satisfied, not the total RMD required.  For example, if your total RMD is $300, you have one Form 1099-R with code Y for $100 for the QCD and another with code 7 for $200, when entering the code-Y Form 1099-R enter $100 as the RMD required and for the code-7 Form 1099-R enter $200 as the RMD required.  TurboTax sums these two required amounts to determine that the total required is $300.

The poor wording of this question in TurboTax has caused this sort of problem since the inception of this question in 2024.

[rjp1952]

Thanks, that is essentially what I did to correct the problem.  I was just trying to suggest better wording for TT to use.  It is misleading.  It actually doesn't use the word "total" but when it asks for the RMD, total is implied.  This it my first year in dealing with this so it is new to me.  Thanks for responding.