topic RMD's in Get your taxes done using TurboTax

RMD's

Tennis Guy — Wed, 19 Feb 2025 22:48:22 GMT

I have two retirement accounts. I took RMD;s from both that totaled more than the required total RMD for both accounts. One of the withdrawals was less than the RMD for that account. TT wants to charge me a penalty of 10% of the shortfall as detailed on form 5329. Form 5329 only shows the details for the account that was under withdrawn, NOT the totals for both accounts which would show I met the total RMD required. This has never been a problem in the past.

I have seen similar posts with the same problem. Can anyone help?

Re: RMD's

JohnB5677 — Thu, 20 Feb 2025 20:03:15 GMT

I suggest posting the total RMD amount for both or all of your RMD accounts.

Entering the total RMD for every account requiring an RMD
Since they will all be low
The program will ask if the balance was withdrawn in another account?
You will respond Yes.

Re: RMD's

VolvoGirl — Thu, 20 Feb 2025 20:14:50 GMT

The 1099R RMD questions have been fixed on Feb 20, 2025! If you are using the Desktop program be sure to update your program.

Re: RMD's

Tennis Guy — Thu, 20 Feb 2025 20:59:30 GMT

Yes, I reloaded Turbo Tax this morning. When it updated, the RMD problem had been corrected. You can now enter all of your RMD's and verify that the total withdrawal exceeded the required amount.