☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 12, 2025 4:52:23 PM

Where is the tax on excess accumulations in retirement account coming from?

I have two different custodians for IRAs but took out more than my total RMDS for both accounts only from one..= How do I get Turbon Tax to recognize that I am not missing a required RMD?

0 1 388
1 Replies
Expert Alumni
Apr 13, 2025 6:59:10 AM

Please follow these steps:

 

  1. Click on "Search" on the top right and type “1099-R”
  2. Click on “Jump to 1099-R” and enter your 1099-R
  3. On the "Required Minimum Distribution" screen enter RMD for this account 
  4. On the "How much of This Distribution Applied to your December 31, 2024 RMD" screen select "The entire distribution applied…"  / or select "Some of this distribution…" and enter the RMD amount (if this distribution includes RMD for other IRA accounts then you included the amount here)
  5. On the "Your 1099-R Entries" screen click "Continue" after adding all Form 1099-Rs
  6. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..." if you had one IRA where you didn't take a RMD. Otherwise select "None of these plans failed to withdraw the RMD"
  7. On the "Total RMD for all other IRAs" screen enter the RMD from your other IRAs (where you didn't take a distribution from).

 

Please see Can an account owner just take a RMD from one account for additional information.