RMD

Turbo Tax is telling me that I am under reporting my RMD by $40 and is saying a penalty is due:

1. The amounts I have entered are directly from the 1099-R forms sent to me.

2. I have entered over $90,000 ...how can this program determine that it is off by $40?

3. How can Turbo Tax determine amounts due, since they do not have access to my 401K total amounts as of December 31, 2024?

4. How do I get around this block point in your program?

577

Expert Alumni

Apr 14, 2025 12:58:39 PM

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.

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RMD