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djpegg
New Member

Turbotax lists a Tax on excess accumulations in retirement account. We paid the full RMD that was required.

Under Turbotax IRA Contributions Results-Amount Deductible is a figure of $2819? Don't know where this comes from
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1 Reply
AmyC
Employee Tax Expert

Turbotax lists a Tax on excess accumulations in retirement account. We paid the full RMD that was required.

The RMD must be withdrawn each year. 

  • If you took the full RMD, you should not have any accumulation to tax. Return to the RMD screens and enter and RMD that is less than or equal to what you took out.
  • If you fail to take RMD for account values, the penalty accumulates until you take it. You keep paying each year. If you failed to take the full RMD last year and did not withdraw it this year,  you would show a penalty this year for the accumulation.

You paid the full RMD - I am assuming you paid a penalty for not taking the full RMD last year. Maybe you meant you took the full RMD. If this doesn't answer your question, reply with more information.

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