topic 1099R - in Retirement tax questions

1099R -

jw114 — Tue, 11 Feb 2025 00:12:41 GMT

I took 2 distributions (one early in the year and one at the end of the year) from my only IRA.

I received a 1099R for each distribution.

TurboTax had me add this information as if it was from 2 different IRAs.

When I answered TurboTax's questions, it did not see that both distributions were from the same IRA and It mistakenly doubled the amount I owed in RMDs. Now it says I owe lots of taxes.

Please Help. Any suggestions would be appreciated.

Re: 1099R -

purdycm — Tue, 11 Feb 2025 00:31:48 GMT

Turbo Tax has answered this: they are working on fixing their error.

Meanwhile the work around is to enter the distribution amount as the as the RMD. Doing that corrects the tax calculation, as long as you have fulfilled your RMD total.

In order to verify whether you've taken enough out, they would need to ask for all of your RMD requirements from all accounts, whether or not you took distributions from all. Then they would need to total all requirements and all your distributions, and compare the results.

Re: 1099R -

ThomasM125 — Tue, 11 Feb 2025 00:38:59 GMT

After you enter your 1099-R forms, you will see a screen where you can indicate that you took the required minimum distribution, the response will not show on your tax return, it is just used to determine if you owe a penalty for not taking enough: