turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why am I getting a penalty when I took my full RMD?

I took more than my RMD, and paid an amount toward taxes (e.g., RMD = $628, took $650, and paid $585 of that amount to taxes, per the 1099-R). I'm getting a "Check this entry" for the RMD Excess Accumulation Worksheet to enter Required RMD amount, with I enter as $628, while the Amount distributed in 2024 box is blank (and can't be changed). I'm getting hit with a $157 penalty for not meeting my RMD, even though I did. How do I remove this penalty?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DanaB27
Employee Tax Expert

Why am I getting a penalty when I took my full RMD?

Please review the instructions below.

 

Please follow these steps in TurboTax Online:

 

  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 and select "The entire distribution was an RMD"  /or select "Only part of this distribution was a RMD" and enter the amount of RMD ($628)
  5. Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen  ($628)
  6. On the "Review your 1099-R info" screen click "Continue"
  7. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you met all of your RMD for 2024, otherwise select what is applicable. 

 

In TurboTax Desktop:

 

  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 ($628)
  4. On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "The entire distribution applied…"  / or select "Some of this distribution…" and enter the RMD amount $628
  5. On the "Your 1099-R Entries" screen click "Continue"
  6. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you met all of your RMD for 2024, otherwise select what is applicable. 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question