topic Turbo Tax 2024 (Desktop version) - issue(s) found in RMD Questions in Get your taxes done using TurboTax

Turbo Tax 2024 (Desktop version) - issue(s) found in RMD Questions

Cinna13604 — Thu, 09 Jan 2025 16:59:31 GMT

Hi Turbo Tax,

Thanks for making the Distributions/Form-1099 R etc. features for 2024, 2 days ahead of schedule.

Here is the scenario:

My husband was supposed to get $2000 as RMD for 2023; and $1500 as RMD for 2024.

The investment firm screwed up and sent us the check for $2000 in 2024 (really the RMD for 2023).

They also sent us the check for $1500 for RMD 2024 before 12/31/2024. So far so good.

Now in Turbo Tax 2024 I am trying to enter the amounts (granted Form 1099-R isn't yet received, but I already know what it might look like)...I entered it as two separate distributions.

The way Turbo Tax asks the question:

1. There is no way to indicate that $2000 was really RMD for 2023 but received in 2024.

2. For RMD for 2024, I enter $1500 and it asks how much of that was RMD for 2024. I enter all of it was; and enter the actual RMD (for 2024) was indeed $1500 ...but it then says or thinks that RMD for 2024 was zero. It further thinks, he withdrew more RMD than was required. Overall, I think it is confused. On one hand it thinks he withdrew more and on the other it thinks he didn't withdraw enough (or he withdrew zero).

Please let me know if you are aware of this bug. And/or if you want me to record the exact series of questions and post it here.

Thanks in advance,

A very long time user of of Turbo Tax (albeit frustrated already).

Re: Turbo Tax 2024 (Desktop version) - issue(s) found in RMD Questions

Bsch4477 — Thu, 09 Jan 2025 17:08:34 GMT

If you received the 2023 RMD in 2024 and your 2024 1099-R reflects that, then you will have to report that income on your 2024 return since the IRS will be matching that 1099-R with what you received.

Re: Turbo Tax 2024 (Desktop version) - issue(s) found in RMD Questions

Cinna13604 — Thu, 09 Jan 2025 17:44:45 GMT

Of course I know I have to report RMD for 2023 and 2024 in 2024. That is not my question. My issue is with the way Turbo Tax is asking the questions.
Total distribution that happened in 2024 was $3500. which I entered.
then it asks how much was the Actual RMD amount that was supposed to be taken for 2024. I entered $1500 - which it is.
Then Turbo Tax spits out a message saying that the RMD distribution amount for 2024 was zero and I have to provide an explanation for the waiver of that $1500 distribution that didn’t happen. I am asking you about this issue in Turbo Tax 2024 software.

Re: Turbo Tax 2024 (Desktop version) - issue(s) found in RMD Questions

dmertz — Fri, 10 Jan 2025 01:34:29 GMT

2024 TurboTax is asking only in regard to your 2024 RMD. When TurboTax asks, answer that you received all of the RMD for 2024. Answering that you received all of the RMD for 2024 will prevent TurboTax from trying to prepare Form 5329 Part IX.