I have two 1099R for two IRAs. The first IRA I withdrew more than the RMD required. The second IRA I withdrew less than the RMD required. However, the combined withdraws exceed the combined RMDs. I checked the box for each that the entire withdraw was for RMD but Turbo Tax is adding taxes to the IRA that I withdrew less than the RMD. How do I correct it?
Turbo Tax doesn't seem to be concerned with fixing this problem. I spoke to their support and they don't know how to fix it. They wanted me to pay for the text support. This is their problem, not mine. This problem has been on many conversation threads, and no fix yet.
You can withdraw from only one account if they are both regular IRAs or 403b plans. If any of them are 401ks or 457 plans or the like then you have to take the required RMD from each account separately.
Make certain that the 'IRA/SEP/Simple' box is checked on both of the 1099Rs that you received and in the TurboTax system. If it is not then the system is doing the correct calculation.
Here is where that information can be found on the IRS website.