RMD Distributions

barneyb23 — Tue, 04 Feb 2025 18:47:47 GMT

My calculated RMD for the year was $21651 for 3 different retirement accounts and I withdrew that amount. One of the accounts I withdrew the correct amount for that specific account. I did not withdraw anything from one of the accounts but withdrew the correct amount from the 3rd account to cover account 2 and 3. It appears that TT adds up the amount entered for the required amount for each of the 2 accounts and thinks this is my total RMD. (it's not). When I say that's not correct, TT recommends I wait for an update before filing.

Is there a valid workaround for this or must I wait for an update? Anyone know when this update is coming?

Re: RMD Distributions

DavidD66 — Tue, 11 Feb 2025 22:39:13 GMT

There is a workaround. After you enter a Form 1099-R, you are asked "How much of the [$Distribution] was an RMD? Answer "None of the withdrawal was an RMD". After you enter all your Forms 1099-R you will be asked a series of questions in the review section. On the screen with "Let's check if you met the minimum distribution requirement" you will be asked "Did you take the required minimum distribution (RMD) for 2024 for ALL of your retirement accounts that have this requirement?" Indicate "Yes".

Since you have already entered your Forms 1099-R and answered the RMD questions, you will have to delete all of your Forms 1099-R in TurboTax and reenter them. And if you're wondering, none of your answers or RMD information is included with your tax return or transmitted to the IRS. You won't be making false statements on your tax return.

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RMD Distributions

Re: RMD Distributions