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TurboTax appears to be doubling my Required Minimum Distribution. Fix?

 
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4 Replies
DanaB27
Employee Tax Expert

TurboTax appears to be doubling my Required Minimum Distribution. Fix?

Please follow these steps to enter the RMD:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. Continue until "How much of the $XXXXX was a RMD?" screen, select "The entire distribution was an RMD" (or select "Only part of this distribution was a RMD" and enter the amount of RMD) and click "Continue".
  5. On the "Let's get more information about your Required Minimum Distribution (RMD)" screen enter the amount of the RMD from this distribution again.

For example, if you took $10,000 from one account to satisfy all of your RMD from different accounts then you select "The entire distribution was an RMD" and then on the next screen enter $10,000. Ignore the fact that the actual RMD for that specific account was less.  

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TurboTax appears to be doubling my Required Minimum Distribution. Fix?

Thank you for your prompt response. I wish it would have fixed the problem, but it didn't. I am more convinced that a software fix from Intuit is required. TurboTax, for me, usually simplifies filing matters but not in this case. I believe the questions asked that lead the non-tax expert to enter RMD data and the behind-the-scenes mathematical computation need work. When I click the radio button for "No it is not correct" I get a TurboTax response that TurboTax is working on a fix. I hope that is the case and not just a canned response.

Again, thank you for your past and future efforts in helping me over this hurdle.

Richard

TurboTax appears to be doubling my Required Minimum Distribution. Fix?

On Friday I received a request from TurboTax Community site to select "best answer". I received only one reply which did not resolve my problem (see my "Wednesday" reply). Sorry but I cannot accommodate the request, and I am still hopeful that a solution - be it through the community or TurboTax programmers, will come REAL SOON. 

Thanks for asking. 

gdeb
New Member

TurboTax appears to be doubling my Required Minimum Distribution. Fix?

Go into the actual tax form by clicking forms in the upper right-hand corner of the screen.  Then go to form 1099R Summary, Line 44 and enter in the correct RMD amount.  This amount should now appear when you go back into Turbo Tax and are shown what your entered RMD amount is.  I spent a lot of time trying to make the change through Turbo tax between my IRA and an inherited IRA.  I hadn't withdrawn enough to cover double the amount of the RMD and so the program was ready to create new forms for the penalty I would have had to pay!  What a pain.

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