rmd

2 replies
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In 2024, my father in law received a lump sum RMD after 14 years (from 4/1/2010), he was not aware of the retirement pension. The plan administrator included interest income in the lump sum amount. As an example, the amount received was $50,000 (including estimated $5,000 interest income). Assuming the RMD per year is $300, what line numbers do these amounts go? Also, requesting additional taxes to be waived. Some explanation would be greatly appreciated. Thank you.

RobertB4444

Alumni - Intuit

I would assume that the entire amount was an RMD for the 14 years and I would enter it accordingly.

Request a waiver of penalty using a form 5329 and attaching a letter explaining why he was late taking the RMDs. You'll have to mail in your return to do this.

@Erly

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fanfare

Level 15

The administrator supplies to you (him) tax documents.

Enter the tax documents into the software.

You don't have to explain anything.

You probably have a 1099-R and 1099-INT.

Due to 2024 TurboTax issues/bugs.
to avoid wrongful penalty, for each 1099-R, tell TurboTax that the distributed amount is the calculated required amount.

P.S.

You can use TurboTax to attach an explanation and still e-FIle if you feel compelled to do so.

@Erly