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Level 2
posted Apr 16, 2023 3:22:34 PM

RMDs: Does TurboTax know if I distributed enough?

Since there are severe penalties if I distribute LESS than my calculated total RMD for the year, does TurboTax know if my actual 1099-R distributions are enough, or if I will incur some penalty? 
How does TurboTax know what my total calculated RMD is, since it depends on the full market value of each investment as of 12/31 of the previous year?

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1 Replies
Level 15
Apr 16, 2023 3:24:34 PM

TurboTax has no way to know if the amount that was distributed and reported on the Form 1099-R was the correct RMD for your account.