topic Re: possible bug in Retirement tax questions

possible bug

kappytax — Sat, 01 Feb 2025 15:41:28 GMT

I have a SEP ira as my only account requiring a distribution. Using the table it should be roughly 4,300. Turbo Tax says it should be 8,614. I do get a civil service retirement annuity monthly for 29,891. On the form for that 1099R there is a box for ROTH or insurance premiums. I put in the amount I contribute for Insurance and maybe Turbo thinks it's for a ROTH. This appear to be a bug. I reported a repeatable bug last year dealing with Kansas taxes on civil service retirement payments that was repeatable and fixed for this year.

Re: possible bug

dmertz — Sat, 01 Feb 2025 16:21:08 GMT

TurboTax does not calculate required RMDs. TurboTax requires you to enter the amount of your required RMD.

Enter each Form 1099-R exactly as received, with no modifications. If a box on the form provided by the payer is blank, leave it blank in TurboTax.

Re: possible bug

kappytax — Sat, 01 Feb 2025 17:29:36 GMT

In reference to that box referring to either ROTH or health insurance turbo asks how much was for health insurance and I answered with the full amount. But it didn't remove it from it's calculation of how much I needed for my rmd Turbo added that amount to my real RMD which is around 4300 based on my SEP amount. This wasn't a problem last year or the year before when I started RMD

Re: possible bug

kappytax — Sun, 02 Feb 2025 14:10:55 GMT

I did come math. Turbo Tax is exactly doubling the RMD I reported for my SEP account. The bug doesn't have anything to do with the ROTH/Health insurance for my retirement account. NOW, how do I get this fixed so I am not shown owing taxes on the additional $4,307 that turbo thinks I owe?

btw: 4307 x 2 = 8614 which is exactly what turbo says the RMD is which is twice the real amount.

Re: possible bug

kappytax — Mon, 03 Feb 2025 17:18:06 GMT

Turbo Tax exactly doubled my RMD. My true one from my 1099r is $4,307 but Turbo shows $8,614, exactly double. I even removed that 1099 and imported again with the same results.

Re: possible bug

kappytax — Wed, 05 Feb 2025 12:11:07 GMT

Since support stopped replying to my issue I had to fix it myself. I found that somehow it was remembering an RMD value from the original input. When I returned to work on my taxes it retained the old value and added it back in again. So, it was doubled which would cause about $1,000 more in taxes. I figured this out by changing my RMD to a random number. Turbo added the original RMD to that random number even though I had deleted the original and reimported twice. This let me know that turbo somehow was retaining the original value even when it was deleted. I'm sure support did not want to tell me to do what I had to do. I deleted all my work and started from scratch. THAT fixed the problem.

Re: possible bug

segokorsch — Thu, 13 Mar 2025 15:14:21 GMT

Gawd it is difficult to find where to report a bug.

We have two IRA accounts, one for me and one for my wife. I imported both 1099 S. The data was correct for both, however the check box on my wife's 1099 (is this for a spouse ) was NOT checked. Merrill Lynch had the CORRECT data with her SS number and ownership. Turbotax put BOTH IRA's RMD into MY account, creating a large penalty. I edited the imported 1099 form, checking the box and it fixed the problem.

Regards, Steve Gokorsch