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RMD

In doing 2024 taxes I recieved a distributoion from my IRA.  Per the IRA holder my RMD for the year was 8967 which I entered.  I took a total distribution of $12,000 (1,000/mo).  Turbo Tax said I owed an additionmal $2285 in taxes for my RMD.  When I went back to the form question on RMD and entered the full distribution of $12,00 this additioanl tax requiement went away.  I also have a pension which I belief does require an RMD.  Wht did Turbo Tax say I owe additional RMD above what my hIRA Holder says is required?

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1 Reply
MinhT1
Employee Tax Expert

RMD

I understand that you have now correctly entered your RMD answers for your IRA.

 

As for your pension, if you receive your pension in monthly payments then all payments are considered RMDs.

 

In TurboTax, you can answer that the whole pension sum received is RMD and that the RMD required is the amount you received..

 

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