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Returning Member
posted Feb 11, 2025 2:43:08 PM

total RMD wrong

0 3 399
3 Replies
Level 15
Feb 11, 2025 2:46:30 PM

Can you elaborate?   Turbo Tax changed this year. When it asks about the RMD it is only asking for that one 1099R you are entering.  On each 1099R you need to say Yes it was the RMD and only enter the amount from box 1 on that single 1099R for the RMD, not the total RMD for all and even if it is more or less than the total.

Returning Member
Feb 11, 2025 3:25:00 PM

After working on several 1099s TurboTax does ask about the total of all the distributions designated as RMDs. It comes up with what it thinks is the total. The IRS has said that one does not need to withdraw an RMD for each IRA but just so the total RMD withdrawals equals what the sum of the RMDs is for all the IRAs. It is confusing and TurboTax did not indicate an error when running the check.

Returning Member
Feb 11, 2025 5:32:38 PM

Well, I see now how TurboTax gets the total. It figures that the payments from a retirement annuity is an RMD and that the whole amount received in a year is the RMD. In my case the yearly amount I receive does not change from one year to the next thus the yearly amount is not, technically, an RMD. Anyhow, if TurboTax sees that yearly amount and figures it is an RMD and I say it is, there does not seem to be an error generated within TurboTax. We'll go on.